Autolotto, Inc. announced that it has entered into Promissory Note Agreement with Blockchain Industries, Inc. (OTCPK:BCII) for the gross proceeds of $1.5 million on January 17, 2018. The promissory note bears interest rate of 1% per annum. All unpaid principal and interest are due and payable to the company at the earlier of the closing of its initial coin offering of at least $20,000,000.

The company may not prepay note prior to the maturity date without the consent of the holder. The company will also receive an option to purchase tokens of its initial coin offering equal to two times the outstanding unpaid principal and interest. The exercise price of the option will be an undisclosed private pre-sale price, and the option is exercisable within ten days of its providing of its initial coin offering.

The option expires on January 16, 2020.