Oncotelic secures $560K convertible note from Mast Hill; enters $25M equity purchase agreement

Oncotelic Therapeutics, Inc.

• Issued $560,000 convertible promissory note to Mast Hill Fund, 10% OID, 10% interest, convertible at $0.07/share.
• Note warrants issued for 2,000,000 shares at $0.15 exercise price; note secured against most company assets.
• Also entered $25M equity purchase agreement with Mast Hill; issued warrants for 3,350,000 shares.
• Equity purchase price set at 97% of market price or 102% of market alternative price; commitment period up to 24 months.
• Proceeds from note for general working capital; registration rights agreements filed for resale of underlying shares.