Major League Football, Inc. announced that it has received $0.15 million in funding from Auctus Fund Management, LLC
May 07, 2019
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Major League Football, Inc. (OTCPK:MLFB) announced a private placement of convertible promissory notes for gross proceeds of $150,000 on May 8, 2019. The transaction involved participation from Auctus Fund, LLC, a fund managed by Auctus Fund Management, LLC. The notes will have an interest rate of 12% annually. The maturity date of the convertible promissory notes is February 8, 2020. The company will pay issue costs on or behalf of the investor of $28,250. The company raised net proceeds of $121,750 in the transaction. The company also issued common stock purchase warrant with a three year term to acquire 1,500,000 shares of common stock at an exercise price of $0.10 per share.
Major League Football, Inc. intends to establish, develop, and operate Major League Football (MLFB) as a professional spring/summer football League. The Company has four initial franchises located in cities overlooked in large part by existing professional sports leagues and provides fans with quality players and competition in the NFL's off-season. Its teams are located in Ohio, Virginia, Arkansas and Alabama. The Company primarily intends to operate the league as a single entity owned, stand alone, independent sports league. MLFB plans to serve as a pipeline to develop players, coaches, officials, scouts, trainers, and all other areas of the game that the NFL needs. MLFB intends to underscore the fan's access to team members, coaches, league officials and other fans. MLFB also intends to develop an Internet and mobile strategy, which includes developing a mobile initiative, where fans can interact with the league, its players, its coaches, and other fans using their mobile phones.
MAJOR LEAGUE FOOTBALL, INC. 
