Innovation1 Biotech Inc. announced that it has entered into a Securities Purchase Agreement with three lenders to issue 8% Original Issue Discount Secured Convertible Promissory Notes for the gross proceeds of $150,000, 2,205,882 Common Stock Purchase Warrants at an exercise price of $0.08 per share on December 6, 2023. The principal amount of the notes is $176,472. The offer and sale of the Notes and Warrants pursuant to the Agreement was not registered under the Securities Act of 1933 and was exempt from registration pursuant to Section 4(a)(2) thereof and Rule 506(b) promulgated thereunder.

The Notes mature January 6, 2025, bear interest at 8% per annum, and are convertible into shares of common stock at any time following the date of issuance at each Purchaser?s option at a conversion price of $0.08 per share.