SusGlobal Energy Corp announced that it has entered into a security purchase agreement for private placement of a 10% unsecured convertible promissory notes for gross proceeds of $1,080,000 on June 28, 2022. The principal amount of note is approximately $1,200,000. The transaction included participation from existing investor AJB Capital Investments LLC.

The note carried an original issue discount totaling approximately $120,000 which is included in the principal balance of the note. Thus, the total purchase price of the note was approximately $1,080,000. The maturity date of the note is the earlier of December 23, 2022, and the occurrence of an event of default.

The note may be prepaid.