Fitell Corporation announced that it has entered into Securities Purchase Agreement with certain investors to issue 6% Senior Unsecured Convertible Promissory Notes for the minimum gross proceeds of $3,000,000 and maximum of $4,000,000 on December 18, 2023. The notes are issued 6% original issue discount convertible into the Company?s ordinary shares of $0.0001 par value each and to issue to investors, as consideration for purchasing the Notes, a stock purchase warrant to purchase Ordinary Shares exercisable for a period of five years, at an exercise price of 120% per share of the closing price of an Ordinary Share at of the date of the purchase and issuance of the Notes. The Company is authorized to conduct a private placement offering (the ?Offering?), in reliance upon exemptions from registration requirements pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and/or Rule 506 of Regulation D and/or Regulation S promulgated by the Securities and Exchange Commission.

The transaction has been approved by the shareholders of the company.