Siyata Mobile Inc. announced that it has entered into a securities purchase agreement for a private placement with the principal amount of $230,750 on January 29, 2024. The transaction will include participation from an institutional investor. The company has issued unsecured promissory note in the transaction.

The note carries a 12% interest rate per annum. The note will mature on November 15, 2024. The company incurred total issuance expenses of $35,750 and raised net proceeds of $195,000 in the transaction.

The company incurred an original issue discount in the amount of $30,750. The interest and outstanding principal shall be paid in ten payments, each in the amount of $25,844. The first payment is due February 15, 2024, with nine subsequent payments due each month thereafter.