Innovation1 Biotech Inc. announced that it has entered into Securities Purchase Agreement with two lenders to issue 8% Secured Convertible Promissory Notes for the gross proceeds of $66,891 on September 1, 2023. The principal amount of the transaction is $78,695. The company also issued a total of 983,693 Common Stock Purchase Warrants at an exercise price of $0.08 per share.

The Notes will mature on September 30, 2024, bear interest at 8% per annum, are convertible into shares of common stock at any time following the date of issuance at each Purchaser?s option at a conversion price of $0.08 per share and contain a beneficial ownership limitation of 4.99%. The offer and sale of the Notes and Warrants pursuant to the Agreement was not registered under the Securities Act of 1933 and was exempt from registration pursuant to Section 4(a)(2) thereof and Rule 506(b) promulgated thereunder.