Item 1.01. Entry into a Material Definitive Agreement.

Laredo Oil, Inc. (the "Company") has entered into a Note Purchase Agreement dated September 23, 2022 (the "Note Purchase Agreement"), for the issuance of promissory notes in the aggregate principal amount of up to $7,500,000. On September 23, 2022, the Company issued a promissory note in the original principal amount of $50,000. The Company may issue additional promissory notes, up to the $7,500,000 total principal amount, until November 30, 2022. The promissory notes will accrue interest on the outstanding principal sum at the rate of 10.0% per annum. The promissory notes have a maturity date of September 23, 2025.

The promissory notes are secured by the Company's pledge of all of the equity securities in the Company's wholly-owned subsidiary, Hell Creek Crude LLC.

The foregoing is a description of the material terms and conditions of the Note Purchase Agreement, and related documents, and is not a complete discussion of the Note Purchase Agreement. Accordingly, the foregoing is qualified in its entirety by reference to the full text of the Note Purchase Agreement, a copy of which is attached as Exhibit 10.1 to this Report, and is incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information disclosed in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibit

Exhibit Note Purchase Agreement, dated September 23, 2022. 10.1

Exhibit Cover Page Interactive Data File (embedded within the Inline XBRL document) 104

© Edgar Online, source Glimpses