AmeriCrew Inc. announced that it has entered into a securities purchase agreement with DR Shell LLC for a private placement of unsecured convertible promissory note in the principal amount of $256,000 on September 12, 2022. The promissory note bears interest at 12% per annum. The company is required to make an initial payment of $56,000 on or before October 1, 2022 in on or more installments and monthly $16,667 payments commencing on January 1, 2023 and continuing therefore after for 12 consecutive months on the first day of each month.

The promissory note is due December 31, 2023. The company issued 125,000 warrants to DR Shell LLC to purchase shares of the companyÆs common stock as additional consideration. The warrants are exercisable for a period of five years at a price of $1.9032 per share, subject to adjustment.