Provectus Biopharmaceuticals, Inc. announced that it has signed a term sheet for a private placement of unsecured convertible promissory notes for maximum gross proceeds of $5,000,000 on September 20, 2022. The notes will bear interest at the rate of 8% per annum on the outstanding principal amount of the note that has been funded to the company. The note shall be due and payable in full on the earliest of the date upon which an event of default occurs and is continuing and a change of control of the company or twelve months after the issue date of note.

The note will convert into shares of the company's Series D-1 convertible preferred shares, par value $0.001 per share at a conversion price of $2.8620 within twelve months of the issue date, subject to certain exceptions. The notes will be exempt, from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), by virtue of Section 4(a)(2) of the Securities Act (or Rule 506 of Regulation D promulgated thereunder).