Bantec, Inc. announced a private placement and entered into purchase agreement with new lender 1800 Diagonal Lending LLC to issue a 10% non-convertible promissory note at an issue price of $49,000 per promissory note for the gross proceeds of $49,000 on September 6, 2023. The conversion price shall be a variable conversion price equal to 65% of the average of the two lowest closing price per share of the common stock during the fifteen trading day period ending on the latest complete trading day prior to the conversion date, provided, however, that the Lender and its affiliates may not beneficially own more than 4.99% of the Company?s outstanding shares of common stock upon the conversion of the Note. The Note will bear interest at the rate of 22% per annum and matures on September 6, 2024.

The Company is required to pay interest on the unpaid principal balance of the Note at the rate of 10% per annum, and interest will commence accruing on the date that the Note is fully paid.