Sylios Corp (OTCPK:UNGS) announced that it has entered into a separate securities purchase agreement with each of existing investors Armada Investment Fund LLC and Fourth Man, LLC for private placement of a convertible promissory note to each at a price of $16,750 per note for gross proceeds of $33,500 on January 10, 2020. The note will be issued at a discount of $1,675 to original principal amount of $18,425. The note will mature on January 12, 2021 and bears interest of 8% per annum. The company also issued 921,250 warrants each to Fourth Man, LLC and Armada Investment Fund, LLC exercisable at $0.024 per share for a period of 5 years. The company has reserved 32,000,000 shares of the company's common stock to be issued upon possible conversion of the notes into shares of the company. The notes are convertible into common shares at a price representing 60% of the lowest trading price during the 20 trading days prior to conversion. The company will issue additional shares worth $1,200 to each investor on conversion to cover the expenses and deposit fees. The transaction is expected to close on January 13, 2020. The company will issue securities pursuant to exemption provided under Regulation D.