Good Hemp, Inc. (OTCPK:GHMP) announced that it has entered into with Metrospaces, Inc. (OTCPK:MSPC) for private placement of a 5% Convertible Redeemable Note for the gross proceeds of $50,000 on April 4, 2021. The note will bear 5% interest rate. The company will receive funding in multiple tranches.

The note matures 12 months after the date of the note on May 3, 2022. The note is convertible into shares of shares at any time at a conversion price equal to 65% multiplied by the lowest closing price during the 20 trading day period prior to the date of conversion, however, that the investor may not convert the note to the extent that such conversion would result in the investor's beneficial ownership of the common shares being in excess of 9.9% of the company's issued and outstanding common stock. The note carries a prepayment penalty if it is paid off in 180 days following the note date.

The prepayment penalty is based on the then-outstanding principal at the time of payoff, plus accrued and unpaid interest, multiplied by 115% if prepaid within 60 days, 120% if prepaid from 61 days-120 days, and 125% if prepaid between 121 days-180 days of issuance. After the expiration of 180 days, the Company shall have no right of prepayment.