Blue Star Foods (NASDAQ:BSFC) said it has secured additional funding to help meet growing demand under its master services agreement and to increase the volume of its soft-shell crab operations.
The company said it has entered into a securities agreement purchase agreement with an accredited investor pursuant to which the Company issued a promissory note in the principal amount of $300,000 and 500,000 shares of its restricted common stock.
The Company also issued a convertible promissory note to an institutional investor, in the principal amount of $138,000.
The note carries a one-time interest of 19% on the date of issuance and an annual rate of 22% thereafter and matures on January 15, 2025.
The firm added that the note is convertible in the event of default and has a conversion price of 61% multiplied by the market price.