MetaWorks Platforms, Inc. announced that it has entered into a securities purchase agreement with one subscriber to issue a unsecured convertible promissory note at an issue price of $50,000 for the gross proceeds of $50,000 on December 5, 2023. The Promissory Note is in the amount of US$52,500, is unsecured and matures on September 15, 2024. The Promissory Note bears interest at the rate of 10% per annum on the unpaid principal balance from December 5, 2023 until the Maturity Date.

Any amount of principal or interest on the Promissory Note which is not paid when due shall bear interest at the rate of 22% per annum from the due date until the same is paid. The Promissory Note is convertible into shares of common stock of our company, upon the terms and subject to the limitations and conditions set forth in the Promissory Note. The registration requirements of the Securities Act of 1933 provided by Section 4(a)(2) of the Securities Act of 1933 and/or Rule 506 promulgated under the Securities Act of 1933.

The note is issued at a discount of $2,500. The transaction included participation from one accredited investor.