DriveItAway Inc. announced that it has closed on a transaction with an investor pursuant to a subscription agreement for four unit at a price of $50,000 per unit for gross proceeds of $200,000 on November 15, 2022. Each unit, priced at $50,000, consists of a twenty four month secured promissory note, at an interest rate of 15%, which is convertible at $0.20 per share into shares of the company's common stock. Each unit also provides for warrants issued by the company subject to a common stock purchase warrant, for 25,000 shares of the company's common stock at an exercise price of $0.30 per share, exercisable within five years from the date of issuance.

The warrant also includes various covenants of the company for the benefit of the warrant holder and includes a beneficial ownership limitation on the holder that, in certain circumstances, may serve to restrict the holder's right to exercise the warrant. After payment of legal fees and due diligence costs, the net proceeds to the company of $180,000. The note and warrant was issued, and any shares to be issued pursuant to any conversion of the note or the exercise of the warrant 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.