Digerati Technologies, Inc. announced that it has entered into a securities purchase agreement to issue an unsecured convertible promissory note for the gross proceeds of $1,419,500 on November 28, 2022. The transaction will include participation from Mast Hill Fund, L.P., a fund managed by Mast Hill Management, LLC. The note shall accrue interest at a rate of 16% per annum.

The note is issued at an original issue discount of $250,500. The noteÆs maturity date is November 22, 2023. The note is convertible into shares at a price of $0.0956 per share.