Better For You Wellness, Inc. announced that it has entered into a securities purchase agreement for the issuance of convertible promissory notes for gross proceeds of $279,000 on June 7, 2022. The transaction will include participation from returning investor Mast Hill Fund, L.P., a fund managed by Mast Hill Management, LLC. The notes are issued at discount having at original purchase price of $31,000.

The notes are convertible bearing interest at a rate of 12% per annum and mature on June 7, 2023. The initial conversion price of notes is $0.037 per share, subject to adjustment. The company will pay finders' fee to JH Darbie & Co., Inc. in the transaction.

The company will issue the securities in reliance on the exemption provided by Section 4(a)(2) of the Securities Act.