Sincerity Applied Materials Holdings Corp. announced that it has entered into a security purchase agreement for the issuance of convertible promissory note for gross proceeds of $111,000 on April 12, 2022. The transaction included participation from One44 Capital LLC.

The note was issued at an amount of $9,000, principal amount of $120,000. The note will mature on April 6, 2023. The note shall bear interest at a rate of 10% per annum, which interest may be paid by the company to investor in shares of common stock but shall not be payable until the note becomes payable, at the maturity date or upon acceleration or by prepayment.

The conversion price shall mean 60% multiplied by the lowest trading price of its common stock. The company may repay the note within 60 days of the issuance date at a premium of 120% of all amounts owed to Purchaser and at a premium of 135% if prepaid more than 61 days but less than 120 days following the issuance date, and at a premium of 145% if prepaid more than 121 days but less than 180 days. The company have no right to prepay the note more than 180 days after the issuance date.