Sylios Corp (OTCPK:UNGS) announced that it has entered into a securities purchase agreement with existing investors Armada Investment Fund LLC for private placement of a convertible promissory notes at a price of $23,000 per note for gross proceeds of $23,000 on October 30, 2019. The note will be issued at a discount of $2,300 to original principal amount of $25,300. The note will mature on October 30,2020 and bears interest of 8% per annum. The company also issued 1,402,000 warrants exercisable at $0.024 per share for a period of 5 years. The company has reser 22,000,000 shares of the company's common stock to be issued upon possible conversion of the note into shares of the company. The notes are convertible into common shares at a price representing 60% of the lowest trading price during the 20 trading days prior to conversion. The company will issue additional shares worth $1,200 to each investor on conversion to cover the expenses and deposit fees. The transaction is expected to close on October 31, 2019. The company will issue securities pursuant to exemption provided under Regulation D.