EZRaider Co. announced that it has entered into a convertible promissory note purchase agreement with AJB Capital Investments, LLC for private placement for gross proceeds of $792,000.00 on June 10, 2022. The Note bears interest at a rate of 12% per annum and has a stated maturity date of December 10, 2022.

The note is issued at a discount of 10%, which is $88,000. The principal amount of the note is $880,000. The company also issued the investor a 5-year warrant to purchase up to 800,000 shares of the company's common stock at an exercise price of $3.00 per share.

The Warrant is exercisable for cash, or on a cashless basis, subject to a 4.99% beneficial ownership limitation. The company will issue securities pursuant to exemption provided under Regulation D. The company paid a management due diligence fee in the amount of $7,500 and the Investor's legal fees in the amount of $17,600.