Canbiola, Inc. (OTCPK:CANB) announced that it has entered into a securities purchase agreement with FirstFire Global Opportunities Fund LLC, a fund managed by FirstFire Capital Management LLC for a best efforts private placement of senior secured convertible promissory note for gross proceeds of $500,000 on January 3, 2020. The note has a par value of $550,000, and will be issued at a discount of $50,000. The note bears a fixed interest rate of 12% per annum, will mature 6 months after the date of issuance, and is convertible into common shares of the company at any time at a price lower of $0.02 per share or 80% of the closing price of common shares on the date of conversion. The note can be prepaid; provided, the company pays all accrued interest and fees and an amount equal to 110% of outstanding principal. The company will also issue 6,000,000 common shares and 29,852,143 common shares to the investor as commitment fee. The buyer must return 29,852,143 shares to the company’s treasury if the note is fully repaid and satisfied within 180 days from the issue date. The company will pay $5,000 to cover due diligence and monitoring costs incurred by the investor. The note is secured by a security agreement encumbering all assets of the company and ranks senior to all other debt, subject to a carve out for certain future debt that may be incurred by the company. The company will issue securities pursuant to exemption provided under Regulation D.