Netcapital issues $290K convertible note and warrants to Labrys Fund II in private placement

Netcapital Inc.

Issued $290,000 convertible note to Labrys Fund II for $250,000 purchase price ($40,000 OID); note matures May 12, 2027.
Note bears 12% flat interest ($34,800), amortization payments begin Nov 12, 2026, conversion at 75% of lowest bid over 10 days (floor $0.10).
Issued warrant to purchase 250,000 shares at $0.50/share, exercisable Nov 12, 2026 to May 12, 2029, with cashless exercise provision.
Net proceeds of approximately $224,500 after fees and costs for working capital and business development.
Event of default if registration statement not filed within 60 days or effective within 120 days of issue date.

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