Laredo Oil, Inc. Enters into A Payment Plan Arrangement Agreement with the U.S. Small Business Administration Related to the Paycheck Protection Plan Loan from the SBA

On December 6, 2023, Laredo Oil, Inc. entered into a Payment Plan arrangement agreement with the U.S. Small Business Administration related to the Company?s Paycheck Protection Plan loan from the SBA. Under the terms of the Plan, the Company agreed to pay the SBA a minimum of 180 monthly payments of $5,860.32. The first payment under the Plan is due on or before December 22, 2023.

If the Company does not make the payments described in the Plan pursuant to the terms of the Plan, the entire remaining amount will be subject to collection activities by the Department of Treasury. The Company may also be subject to additional accrued interest and collection fees of 30% or more if it does not make the payments pursuant to the Plan.