Innovation1 Biotech Inc. announced that it entered into security purchase agreement of secured convertible promissory notes for gross proceeds of $280,000 on April 13, 2023. the notes has principal amount of $329,411.76 and carry discount at rate of 15%. The transaction will include participation from returning investors Cavalry Fund I L.P.; a fund managed by Cavalry Fund I Management, LLC, Lincoln Park Capital Fund, LLC; a fund managed by Lincoln Park Capital, LLC, and L1 Capital Global Opportunities Master Fund, Ltd.; a fund managed by L1 Capital Pty.

Limited. The notes mature in 18 months that is on October 13, 2024 and are convertible into shares of Common Stock at a price of $0.08 per share. The Note will carry interest at the rate of 8% per annum.

The company will issue warrants to purchase an aggregate of 4,117,647 shares of the Company’s common stock. The Warrants are exercisable by each of the Purchasers for a period of seven years at an exercise price of $0.08 per share, subject to customary adjustments and a beneficial ownership limitation. The company will raise the funding pursuant to exemption provided under Regulation D. The minimum investment accepted from any outside investor is $93,333.