The Coretec Group Inc. announced a private placement to issue an unsecured convertible promissory note at an issue price of $250,000 for the gross proceeds of $250,000 on June 17, 2024. The transaction will include participation from Victor Keen for $250,000. The maturity date of the Note is 18 months from the date of issuance.

Interest on the unpaid principal balance of the Note accrues at 8% per annum, payable on maturity. On closing of such transaction, the Note shall automatically and mandatorily convert into, and Keen shall be issued warrants purchase up to 78,125,000 shares of common stock of the Company at an exercise price equal to $0.007. The Warrants shall be exercisable for a period of five (5) years from the date of issuance and are attached as an annexure to the Note.

The representations of the Investor, to the Company, including that they are an ?accredited investor? as defined under Rule 501(a) of Regulation D, the shares of Common Stock issuable upon exercise of the Warrant, will be exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended. The transaction has been approved by shareholders of company.