SiteMax Systems Inc. announced a private placement of convertible promissory note for gross proceeds of CAD 177,200 on November 3, 2022. The note carries a simple interest rate of 8% per annum and matures two years from initial closing on October 27, 2024. Interest accrued is due and payable annually on the anniversary date of the note.

The note is secured by the general security agreement against the assets of the company. The note includes an automatic conversion clause whereby it converts into equity securities of the company upon significant financing transaction defined as the issuance and sale of preferred shares at a value of no less than CAD 15,000,000 pre-money resulting in aggregate gross proceeds of no less than CAD 3,000,000 to company Additionally, the Note includes an optional conversion clause whereby the Company may elect to convert the Note into the most senior class of shares upon change of control or convert into Class 1 Common shares of company at anytime prior to maturity.