Foothills Exploration, Inc. (OTCPK:FTXP) announced a private placement of a 12% convertible promissory note in the principal amount of $535,000 for gross proceeds of $481,500 on March 18, 2021. The transaction included participation from returning investor Labrys Fund, LP, a fund managed by The EquiLux Group, LP. The loan maturity date is March 18, 2022 and will be convertible into shares of the company’s common stock at a fixed price of $0.0055 per share. The note also has full warrant coverage with an exercise price that is 110% of the closing stock price the day prior to the issuance date. The warrants have a 5-year term and will allow for the purchase of 116,304,347 shares at a price of $0.0046 per share. The note was issued at a discount of 10%. The company paid $24,075 as finders fee and $5,425 as legal fees and broker fees. The company issued securities pursuant to exemption provided under Regulation D.