Laredo Oil, Inc. has entered into a Note Purchase Agreement dated September 23, 2022 for the issuance of promissory notes in the aggregate principal amount of up to $7,500,000. On September 23, 2022, the Company issued a promissory note in the original principal amount of $50,000. The Company may issue additional promissory notes, up to the $7,500,000 total principal amount, until November 30, 2022.

The promissory notes will accrue interest on the outstanding principal sum at the rate of 10.0% per annum. The promissory notes have a maturity date of September 23, 2025. The promissory notes are secured by the Company's pledge of all of the equity securities in the Company's wholly-owned subsidiary, Hell Creek Crude LLC.