Black Bird Biotech, Inc. announced that it has entered in a security purchase agreement for the issuance of convertible promissory note for gross proceeds of $225,000 on May 12, 2022. The transaction will include participation from Mast Hill Fund, L.P., a fund managed by Mast Hill Management, LLC. The note will be issued at a discount of $25,000 with original principal amount of $250,000.

The note will bear interest rate of 12% per annum and will mature on May 12, 2023. The note will be convertible in to common shares of the company at any time at a conversion price of $.005 per share. The company also issued a warrant to purchase common shares of the company to purchase up to 14,062,500 shares at an exercise price of $.008 per share, for a period of five years.

The company will pay investor $7,000 legal fees in connection with the transactions. All the securities issued under the transaction will subject to exemption from securities registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended and Rule 506(b).