Can B Corp. announced that it has entered into a securities purchase agreement with Mast Hill Fund, L.P., a fund managed by Mast Hill Management, LLC for a private placement of a secured convertible promissory note for gross proceeds of $315,000 on March 23, 2022. The note will be issued at a discount of $35,000 or 10%.

The note bears a fixed interest rate of 12% per annum, will mature on March 23, 2023, and is convertible into common shares of the company at any time at a price lower of $4 per share. The principal amount of the note will be increased by the amount of all expenses incurred by investor relating to the conversion of the note into common shares, up to a maximum of $500 per conversion. The company also issued warrants to purchase an aggregate of 54,687 shares at a price of $6.4 per share of the company to the investor.

The company will also pay $5000 as legal fee to the investor.