NovAccess Global Inc. announced that it has entered into a securities purchase agreement with returning investor 1800 Diagonal Lending, LLC for a private placement of a convertible promissory note in the original principal amount of $55,000. The note bears interest at 8% a year and is due on December 7, 2023. The company may prepay the note upon payment of a prepayment penalty ranging from 15-25% of the amount outstanding on the note when prepaid.

Beginning on June 5, 2023, the investor may convert the amount outstanding under the note into shares of the company's common stock at a conversion price equal to 65% of the average of the three lowest trading prices of the stock during the fifteen trading days before the conversion date. The company incurred expenses of $4,250 for investor' legal fees and due diligence fee.