Bantec, Inc. announced that it has entered in to a private placement agreement to issue convertible promissory note to 1800 Diagonal Lending LLC in the principal amount of $90,400 for gross proceeds of $80,000 on July 17, 2023. The note will be issued at an original issue discount of $10,400. The note is convertible in to common shares of the company.

The note matures on May 15, 2024 and contains customary events of default. The offering in reliance on the exemption from the registration requirements under Section 4(a)(2) of the Securities Act of 1933, as amended, and the provisions of Regulation D thereunder. Under the note, the Company is required to make ten payments of $10,305.60, which includes a one-time interest charge of 14%.

The first payment is due on August 30, 2023, with nine subsequent payments due each month thereafter.