The 4Less Group, Inc. Announces Retirement of all Convertible Debt and $2.2M Reduction of Overall Debt

Las Vegas, Nevada–(Newsfile Corp.September 3, 2020) – The 4Less Group, Inc. (OTC PINK: FLES) announces they have closed on a strategic transaction to reach this year’s goal of paying-off all their remaining highly discounted convertible debt totaling approximately $2.3 million in principal and accrued interest plus over $1 million in additional associated derivative liabilities for a total of $3.3M of book value liabilities.

The convertible debt was replaced with a $1.2 million, non-convertible promissory note with a 2-year term and a fixed interest rate of 12%. This results in the savings of $1.1 million in total debt with a substantially lower interest rate as well as the reduction of an additional over $1 million in associated derivative liability.

For the investment the investor received, along with the 1.2 million note, 950 thousand warrants with a $0.40 exercise price and 150 shares of series C

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