Fitell Corporation announced that it has entered into a securities purchase agreement to issue 8% senior unsecured convertible promissory note in the principal amount of $3,600,000 and warrant for the gross proceeds on $3,600,000 on January 15, 2024. The transaction included participation from Flying Height Consulting Services Limited. The note is issued at a 8% original issue discount.

The note will be convertible into common shares at a conversion price of $0.80 per share and warrants will be exercisable into 5,645,455 Ordinary Shares at an exercise price of $1.056 per share. The notes will be matured on January 15, 2027.