Verus International Inc (VRUS)

[Backstabbed]

$VRUS - 8K out! Item 1.01. Entry into a Material Definitive Agreement.

On February 10, 2020, Verus International, Inc. (the “Company”) issued and sold a convertible promissory note with an accredited investor in the principal amount of $420,000 (including a $70,000 original issuance discount) (the “Note”). The closing of the transaction contemplated by the Note occurred on February 10, 2020, the date the Company received net proceeds in the amount of $350,000.

The Note matures on November 10, 2020, bears interest at a rate of 4% per annum, and is convertible into shares of the Company’s common stock, par value $0.000001 per share, at a conversion price of $0.0125 per share, subject to adjustment. The Note may be prepaid by the Company at any time prior to the 180th day after the issuance date of the Note with certain prepayment penalties as set forth therein.

The foregoing description of the Note does not purport to be complete and is qualified in its entirety by reference to the full text of the form of this document, which is attached as Exhibit 10.1 to this Current Report on Form 8-K, and is hereby incorporated herein by reference.