Laredo Oil, Inc. announced that it has entered into a security purchase agreement for the issuance of revolving credit promissory note for gross proceeds of $1.5 million on May 12, 2022. The transaction will include participation from AEI Management, Inc. The note will bear interest rate of 8.75% per annum and is payable by the company every 90 days following the date of the first drawdown. The note will have a maturity, expiring May 1, 2023.

The notes are convertible into common shares of the company. All unpaid principal accrued interest and any other amounts will be due and payable on the maturity date.