Laredo Oil, Inc. announced that it has entered into a note purchase agreement with SMJJB, LLC in a private placement of promissory notes for a gross proceeds of up to $7,500,000 on September 23, 2022. The promissory notes will accrue interest on the outstanding principal sum at the rate of 10% per annum. The promissory notes have a maturity date of September 23, 2025. The promissory notes are secured by the Company?s pledge of all of the equity securities in the Company?s wholly-owned subsidiary, Hell Creek Crude LLC.

On the same day, the company issued a promissory note in the original principal amount of $50,000. The Company may issue additional promissory notes, up to the $7,500,000 total principal amount, until November 30, 2022.

On May 30, 2023, the company may issue additional notes until December 31, 2024. The notes will accrue interest of 12% per annum and will have a maturity date of September 30, 2025.