SITO Mobile, Ltd announced that it has entered into note purchase agreement for private placement of a secured convertible promissory notes for gross proceeds of $526,829 on May 29, 2020. The transaction included participation from Baksa, director of the company. The notes carry interest at the rate of 12% per annum payable annually. The notes are convertible into common stock of the company, having par value of $1 per share, at a price of $0.25 per share. The company will also issue warrants to purchase up to 625,000 common shares at $0.63 per share. The warrant expires on the one-year anniversary of the date of issuance or upon the company’s entering into certain fundamental transactions. The notes will mature on March 31, 2022 and is issued at par.