Enviro Technologies U.S., Inc. announced that it has entered into a securities purchase agreement for the private placement of convertible promissory notes due March 27, 2024 with principal amount of $184,800 on March 27, 2023. The note included an original issue discount of $38,281 and transaction expenses of $3,750. The company received gross proceeds of $165,000 in consideration of issuance of the note.

The transaction will include participation from accredited lander RED ROAD HOLDINGS CORPORATION. The note will carry a one-time interest charge of twelve percent for one year. The maturity date of the notes will be March 27, 2024.

The note requires that the company make monthly payments for accrued interest and outstanding principal, which shall be paid in ten payments each in the amount of $20,697.60 for total repayment to the Holder of $206,976.00. The first payment shall be due May 15, 2023, with nine subsequent payments each month thereafter. The Investor may in its option, at any time following an event of default, as defined in the note, convert all or any part of the outstanding and unpaid amount of this note into fully paid and non-assessable shares of Common Stock at a conversion price per share equal to 75% of the average closing bid price of our common stock during the 5 trading days prior to the date of conversion.