Metaworks Platforms Inc (C:MWRK)
Shares Issued 78,036,382
Last Close 11/8/2022 $0.09
Tuesday November 8 2022 - News Release

Mr. Scott Gallagher reports

METAWORKS PLATFORMS ENTERS INTO PROMISSORY NOTE AGREEMENT

Metaworks Platforms Inc. has entered into a promissory note agreement with one subscriber (the holder) to raise a net amount of $100,000 (U.S.), pursuant to the terms and subject to the conditions of the unsecured promissory note issued to the holder (the promissory note).

Metaworks Platforms president Scott Gallagher commented on the transaction:

"While the size of this note is small, we felt it is important, based on current market conditions, to fund our growth and operations without the issuance of shares. This funding allows us to fund operations without an issuance of equity and move forward with two key initiatives that, I believe, will be important to our business success going forward."

Details of the transaction

The promissory note in the amount of $116,760 (U.S.), plus a one-time interest charge of 12 per cent ($14,011 (U.S.)), which accrues on issuance of the promissory note, is unsecured and matures on Nov. 8, 2023.

The company also agreed to an original issuance discount of $12,510 (U.S.).

The total amount of the promissory note of $130,771 (U.S.) (including principal, interest and fees) will be repaid in 10 payments each in the amount of $13,077.10 (U.S.), the first payment due on Dec. 30, 2022, with nine subsequent payments each month thereafter. The company shall have a five-day grace period with respect to each payment.

In the event of a default, the promissory note is convertible into shares of common stock of the company. In a default situation the holder shall have the right to convert all or any part of the outstanding and unpaid amount of the note into shares of common stock of the company at a conversion price that is equal to the lowest trading price for the shares of common stock during the 25 trading days prior to the conversion date. Upon the occurrence and during the continuation of any event of default, the promissory note shall immediately become immediately and payable and, if the company wishes to repay the promissory note in cash, the company shall pay an amount equal to 200 per cent of the then outstanding principal amount of the promissory note plus accrued and unpaid interest on the unpaid principal amount of the promissory note plus any default interest, if any.

About Metaworks Platforms Inc.

Metaworks Platforms is an award-winning full-service blockchain and Web3 development platform that empowers Fortune 5000 brands to create and monetize their metaverse.

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