BoxScore Brands, Inc. (OTCPK:BOXS) announced that it has entered into a purchase agreement for a private placement of convertible promissory note for gross proceeds of $147,000 with existing investor Cobrador Multi-Strategy Partners, LP on December 24, 2020. The note bears fixed interest rate of 9.5% and will mature after two years. The note is convertible into shares at $0.03 per share and is redeemable at the principal amount plus accrued unpaid interest after one year. The company has the option to pre-pay the note in cash in whole or in part. The company shall pay reasonable costs of collection, including reasonable attorneys’ fees in case of default. The note also contains a 4.99% limitation on the investor’s beneficial ownership of its outstanding common stock upon conversion.