VPR Brands, LP announced it has entered into definitive agreement for private placement of an unsecured promissory note for gross proceeds of $100,001 on January 25, 2022. The transaction involved participation from existing investors Kevin Frija, Chief Executive Officer, President, Principal Financial Officer, Principal Accounting Officer and Chairman of the board, and a significant stockholder of the company. The note bears interest at the rate of 24% per annum.

The note permits investor to deduct one ACH payment from its bank account in the amount of $500 per business day until such time the borrower has paid an amount equal to the principal amount due and accrued interest is repaid. Any unpaid principal amount and any accrued interest is due on January 25, 2023. The note can be prepaid anytime.

The notes are unsecured.