Nascent Biotech, Inc. announced that it has entered into an agreement with YA II PN, Ltd., a fund managed by Yorkville Advisors Global LP to issue convertible debentures for gross proceeds of $1,500,000 on August 30, 2022. The debentures bear an interest of 6% per annum. The debenture may be converted at the lesser of $0.30 per share or 80% of the lowest traded price of the company's common stock for ten consecutive trading days immediately prior to the conversion date. The company has issued warrant to purchase 750,000 shares of the company's common stock for a period of two years, expiring on August 30, 2024, at an exercise price of $0.60 per share.

As of the same date, the company issued the debenture for gross proceeds of $500,000 which matures on August 30, 2023 in its first tranche. The next tranche of $500,000 will be due when the company files a registration statement covering the shares of our common stock issuable upon conversion of the debenture and upon exercise of a warrant that the company has issued as part of the transaction. The final tranche of $500,000 will be funded upon the effectiveness of the registration statement.