Sale of Promissory Note and Warrants Clause Samples

Sale of Promissory Note and Warrants. The Company has authorized the sale and issuance to Investor, and, at the Closing (as hereinafter defined), the Company shall sell to Investor, and Investor shall purchase from the Company, the Note and Warrants. The purchase price (the “Purchase Price”) for the Note and Warrants is $250,000. The Note and Warrants shall be in registered form and reflected in the books and records of the Company. The exercise price per Warrant shall be equal to 70% of the closing price of the Common Stock on the business day immediately preceding the date of the Closing.