DriveItAway Holdings, Inc. announced that it has closed the Subscription Agreement with 4 investors of 15% non convertible promissory note for the gross proceeds of $62,500 on March 1, 2023. The promissory note bears 15% interest and matures on June 30, 2023. The principal shall be due and payable on the date of maturity.

In addition, each investor was issued a Common Stock Purchase Warrant by the Company in an amount equal to two times the amount of their respective investments, for an aggregate amount of 125,000 warrants, at an exercise price of $0.05 per share, exercisable within five years from the date of issuance. Pursuant to the terms of the Warrant, the warrants include various covenants of the Company for the benefit of the warrant holder, and also include a beneficial ownership limitation on the holder that, in certain circumstances, may serve to restrict the holder's right to exercise the warrants. In addition, the shares issuable upon the exercise of the warrant shall be included in the next succeeding registration statement filed by the Company with the Securities and Exchange Commission.

The Note and Warrant were issued, and any shares to be issued pursuant to any conversion of the Note or the exercise of the warrants shall be issued in a private placement in reliance upon an exemption from registration provided by Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder.