On May 30, 2023, Laredo Oil, Inc. (the ‘Company') entered into an amended and restated note purchase agreement (the ‘Amended NPA'). The Amended NPA amends and restates the previously disclosed Note Purchase Agreement, dated September 23, 2022 (the ‘Note Purchase Agreement'), for the issuance of promissory notes (‘Notes') in the aggregate principal amount of up to $7,500,000. The Amended NPA was executed by the Company and certain Investors, as defined in the Amended NPA, holding the majority in interest of the then outstanding Notes, and additional Investors.

The Amended NPA amends Section 2.1(b) of the Note Purchase Agreement to allow the Company to sell and issue additional Notes, up to the maximum aggregate principal amount of $7,500,000, at one or more Subsequent Closings (as defined in the Amended NPA) until December 31, 2024. The Notes will accrue interest on the outstanding principal sum at the originally annual rate of 12.0% per annum, rather than 10.0% per annum annual rate provided in the Note Purchase Agreement, and will have a maturity date of September 30, 2025, rather than September 23, 2025. As of May 30, 2023, the Company had issued Notes in the aggregate principal amount of $540,000.00.

The Notes are secured by the Company's pledge of all of the equity securities in the Company's wholly-owned subsidiary, Hell Creek Crude LLC.