Mitesco, Inc. announced a private placement of 10% Convertible promissory note to Mercer Street Global Opportunity Fund, LLC, a fund managed by Mercer Street Capital Partners, LLC for gross proceeds of $100,000 on December 2, 2022. The notes have an interest rate of 10% per annum, accrued monthly and payable at maturity. The maturity date of the Mercer Note is May 21, 2023.

The principal amount of the note shall convert into the series E shares in accordance with the terms of the Exchange Agreements entered into between the company and the Lender, if the company successfully lists its common stock on a national securities exchange on or before May 10, 2023.