Sylios Corp (OTCPK:UNGS) announced that it has entered into a securities purchase agreement with existing investors Armada Investment Fund LLC and BHP Capital NY, Inc. and Fourth Man, LLC for private placement of 3 convertible promissory notes at a price of $14,000 per note for gross proceeds of $42,000 on July 25, 2019. Each note will be issued at a discount of $1,400 to original principal amount of $15,400. The notes will mature on July 29, 2020 and bears interest of 8% per annum. The company also issued 256,667 warrants to each investor exercisable at $0.08 per share for a period of 5 years. The notes are convertible into common shares at a price representing 60% of the lowest trading price during the 20 trading days prior to conversion. The company will issue additional shares worth $1,200 to each investor on conversion to cover the expenses and deposit fees. The transaction is expected to close on July 29, 2020. The company will issue securities pursuant to exemption provided under Regulation D.