Digerati Technologies, Inc. announced that it has entered into a securities purchase agreement to issue two unsecured convertible promissory note for the gross proceeds of $1.2 million on January 24, 2023. The transaction will include participation from two accredited investors. The note shall accrue interest at a rate of 10% per annum.

The note has a principal amount of $660,000. The note's maturity date is May 24, 2023. The note maturity date can be extended for up to four additional thirty day periods at the option of the company in consideration for the issuance to each January investor of 165,000 shares of the company's common stock, par value $0.001 per share for each thirty day extension period.

The note is convertible into common shares at a price of $0.10 per share. The transaction is expected to close on January 25, 2023 and January 26, 2023.