CleanGo Innovations Inc. announced a non-brokered private placement of convertible note units of the company composed of convertible notes in multiples of CAD 1,000 of principal and 2,500 common share purchase warrants per CAD 1,000 of principal on April 26, 2023. The convertible note bears interest at a rate of 1.5 per cent per month, and principal and accrued interest are repayable in common shares of the company at a conversion price of CAD 0.375 per share at maturity 24 months from the date of issuance or at the time of earlier conversion at the option of either the noteholder or the company. Each warrant entitles the holder to acquire one common share of the company at an exercise price of CAD 0.40 per share for a period of two years from issuance.

On same date, the company has received CAD 150,000 in its first tranche. All securities issued pursuant to the first tranche are subject to a four-month hold period from the date of closing. The company expects to close a second tranche of the offering in the near future.