# EDGAR Filing Document

**Accession Number:** 0001832161
**File Stem:** 0001393905-23-000090
**Filing Date:** 2023-2
**Character Count:** 75274
**Document Hash:** 4db67e3923cfd9b0fca57db4eab7e282
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001393905-23-000090.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001393905-23-000090

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230224

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KeyStar Corp.
- **CENTRAL INDEX KEY:** 0001832161
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS RETAIL [5900]
- **IRS NUMBER:** 850738656
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56290
- **FILM NUMBER:** 23680270

**BUSINESS ADDRESS:**
- **STREET 1:** 78 SW 7TH STREET, SUITE 800
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33130
- **BUSINESS PHONE:** 866-783-9435

**MAIL ADDRESS:**
- **STREET 1:** 78 SW 7TH STREET, SUITE 800
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33130

?xml version='1.0' encoding='us-ascii' standalone='no'? KeyStar Corp. - Form 8-K SEC filing

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**____________________**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): February 24, 2023

**KeyStar Corp.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Nevada** | **333-252983** | **85-0738656** |
| (State or other jurisdiction of<br> incorporation) | (Commission File Number) | (I.R.S. Employer<br> Identification No.) |

---

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| | |
|:---|:---|
| **78 SW 7th Street, Suite 800**<br> **Miami, FL** | **33130** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(866) 783-9435**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 1.01** **Entry into a Material Definitive Agreement.**

The disclosures set forth in Items 2.03 and 3.02 are incorporated by reference into this Item 1.01.

**Item 2.03** **Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

On February 24, 2023, KeyStar Corp., a Nevada corporation (the "**Company**," "**we**" or "**our**"), entered into a Second Amended and Restated Discretionary Non-Revolving Line Of Credit Demand Note with Excel Family Partners, LLLP, a Florida limited liability limited partnership ("**Excel**") in the principal amount of not more than $4,000,000 (the "**Note**"). The Note amends and restates that certain Amended and Restated Discretionary Non-Revolving Line Of Credit Demand Note between us and Excel entered into on August 16, 2022 in the principal amount of not more than $2,000,000 (the "**Former Note**"). Excel is controlled by Mr. Bruce Cassidy, our Secretary and sole member of our board of directors (the "**Board**"). The Note does not constitute a committed line of credit. Loans under the Note are made by Excel in its sole and absolute discretion. Upon repayment of any amount of principal or interest under the Note, we may not reborrow under the Note.

Accrued interest under the Former Note as of December 31, 2022 in the amount of $27,628.72 (the "**Converted Interest**") was converted into principal. The aggregate outstanding principal balance of all loans under the Former Note as of December 31, 2022, including the Converted Interest, was $2,026,752.08. All loans made under the Former Note after December 31, 2022, and all loans made under the Note, accrue interest at a fixed rate per annum equal to 15.0% (the "**Fixed Rate**"). As of the date of the Note, the aggregate outstanding principal balance of all loans was $3,239,376.51. On February 27, 2023, we borrowed an additional $537,500 under the Note. As of February 28, 2023, the aggregate outstanding principal balance of all loans under the Note was $3,776,876.51.

Beginning on March 1, 2023, and continuing on the first day of each month thereafter to the date on which Excel demands payment of the Note, we will pay to Excel interest, in arrears, on the aggregate outstanding principal balance of the Note at the Fixed Rate.

Notwithstanding the above, outstanding principal and accrued and unpaid interest are due and payable upon demand. We have the right to prepay the Note, in whole or in part, at any time; provided, however, we must (i) provide Excel prior written notice of our intention to make such prepayment; and (ii) pay to Excel all interest accrued on the outstanding principal balance of the Note to the date of such prepayment.

If the Company: (i) fails to comply with any provision under the Note, including, but not limited to, failing to immediately pay all amounts due to Excel after demand thereof is made; or (ii) becomes subject to certain bankruptcy or insolvency events, at the option of Excel, the unpaid principal amount of the Note, accrued interest thereon, any fees or any other sums payable thereunder will thereafter until paid in full bear interest at a rate per annum equal to the Fixed Rate plus 2.00%.

In connection with entering into the Note, we issued Excel a Common Stock Warrant to purchase 4,000,000 shares of our common stock at an exercise price of $0.25 per share (the "**Warrant**"). The Warrant may be exercised, in whole or in part, at any time through February 1, 2028, on either a cash or cashless basis. The offer, sale and issuance of the Warrant were deemed to be exempt from registration under the Securities Act of 1933, as amended (the "**Securities Act**"), in reliance on Section 4(a)(2) of the Securities Act and/or Rule 506(b) of Regulation D promulgated thereunder, as transactions by an issuer not involving a public offering. Excel is acquiring the Warrant for investment only and not with a view to or for sale in connection with any distribution thereof and it represented to us that it could bear the risks of the investment and could hold the securities for an indefinite period of time, and appropriate legends were, or will be, affixed to the Warrant upon issuance thereof. Excel represented to us that it is an accredited investor within the meaning of Rule 501 of Regulation D under the Securities Act.

The foregoing summary of the Note and the Warrant are qualified in their entirety by reference to the full text of the Note and the Warrant which are attached as Exhibits 10.1 and Exhibit 4.1, respectively, hereto and are incorporated by reference herein. ***You are urged to read said exhibit attached hereto in its entirety***.

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**Item 3.02** **Unregistered Sales of Equity Securities.**

The disclosures set forth in Item 2.03 are incorporated by reference into this Item 3.02.

**Item 9.01** **Financial Statements and Exhibits.**

(d)Exhibits.

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [4.1](keyr_ex41.htm) | Common Stock Warrant of KeyStar Corp. issued to Excel Family Partners, LLP, dated February 24, 2023. |
| [10.1](keyr_ex101.htm) | Second Amended and Restated Discretionary Non-Revolving Line Of Credit Demand Note dated February 24, 2023 made by KeyStar Corp. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| Date: February 28, 2023 | **KEYSTAR CORP.** |
|  | By: */s/ Anthony J. Fidaleo* |
|  | Anthony J. Fidaleo, CFO |

---

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## Exhibit 4.1

NEITHER THIS WARRANT, NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF, HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT OF 1933"), OR QUALIFIED UNDER THE CALIFORNIA CORPORATE SECURITIES LAW OF 1968 OR OTHER APPLICABLE SECURITIES LAWS ("STATE SECURITIES LAWS"), AND THIS WARRANT HAS BEEN, AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF, WILL BE, ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR FOR RESALE IN CONNECTION WITH, ANY DISTRIBUTION THEREOF. NO SUCH SALE OR OTHER DISPOSITION MAY BE MADE WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 AND QUALIFICATION UNDER STATE SECURITIES LAWS RELATED THERETO OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY (AS THAT TERM IS DEFINED BELOW) AND ITS COUNSEL, THAT SAID REGISTRATION AND QUALIFICATION ARE NOT REQUIRED UNDER THE SECURITIES ACT OF 1933 AND STATE SECURITIES LAWS, RESPECTIVELY, OR UNLESS SOLD PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933.

**KEYSTAR CORP** 

**COMMON STOCK WARRANT**

Aggregate Exercise Price: $1,000,000

Aggregate Exercisable Warrant Shares: 4,000,000

Issue Date: February 24, 2023

Warrant Number: CSW-001

This certifies that Excel Family Partners, LLLP, a Florida limited liability limited partnership ("**Investor**"), or any party to whom this Common Stock Warrant (this "**Warrant**") is assigned in compliance with the terms hereof (Investor and any such assignee being hereinafter sometimes referenced as "**Holder**"), is entitled to subscribe for and purchase the number of shares of fully paid and nonassessable Warrant Stock (as such term is described below) of KeyStar Corp, a Nevada corporation (the "**Company**"), that has an aggregate purchase price equal to the Aggregate Exercise Price (as defined below). The purchase price of each such share of Warrant Stock shall be equal to the Warrant Exercise Price (as defined below). This Warrant may be exercised during the period commencing upon the date first written above and ending on February 1, 2028.

**ARTICLE I** <br>**DEFINITIONS**

**1.1** **"Aggregate Exercise Price"** means $1,000,000.

**1.2** **"Change of Control"** means the consummation of: (a) a sale, transfer, exclusive license or other disposition, in one transaction or a series of related transactions, of all or substantially all of the Company's and its subsidiaries' assets, taken as a whole (except where such sale, transfer, license or other disposition is to a wholly-owned subsidiary of the Company); (b) the merger or consolidation of the Company with or into another entity, except any merger or consolidation in which the holders of capital stock of the Company immediately prior to such merger or consolidation continue to hold a majority of the

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voting power of the capital stock of the Company or the surviving or acquiring entity, (or, if the surviving or acquiring entity is a wholly owned subsidiary of another party immediately following such merger or consolidation, the parent entity of such surviving or acquiring entity); (c) the transfer (whether by merger, consolidation or otherwise), in one transaction or a series of related transactions, to a person or group of affiliated persons (other than an underwriter of the Company's securities), of the Company's securities if, after such consummation, such person or group of affiliated persons would hold 50% or more of the outstanding voting stock of the Company (or the surviving or acquiring entity, or the parent entity of such surviving or acquiring entity); or (d) a liquidation, voluntary or involuntary dissolution or winding up of the Company.

**1.3** **"Holder"** shall have the meaning set forth in the introductory paragraph of this Warrant.

**1.4** **"Investor"** shall have the meaning set forth in the introductory paragraph of this Warrant.

**1.5** **"Other Stock"** means the securities of the Company into which Warrant Stock may be converted pursuant to the terms of Warrant Stock, which may include but not be limited to another class or series of common stock of the Company, but only if the terms of the Warrant Stock provide for such conversion.

**1.6** **"Rights"** means any options, warrants, or rights to purchase common stock or convertible securities.

**1.7** **"Securities Act"** shall have the meaning set forth in the introductory paragraph of this Warrant.

**1.8** **"Warrant Exercise Price"** means $0.25.

**1.9** **"Warrant Stock"** means the Company's Common Stock.

**ARTICLE II**

**EXERCISE AND PAYMENT**

**2.1** **Cash Exercise**. The purchase rights represented by this Warrant may be exercised by Holder, in whole or in part, by the surrender of this Warrant at the principal office of the Company, accompanied by the form of Notice of Cash Exercise attached hereto as **Exhibit A-1**, and by the payment to the Company, by wire transfer or by certified, cashier's or other check acceptable to the Company, of an amount equal to the aggregate Warrant Exercise Price (rounded up to the nearest whole cent) of the shares being purchased. If the Warrant Stock issuable under this Warrant has been automatically converted into Other Stock, this Warrant shall automatically convert into a right to purchase Other Stock, and the Warrant Exercise Price shall be divided by the number of shares of Other Stock which were received upon conversion of one share of such Warrant Stock at the time of such automatic conversion.

**2.2** **Net Issue Exercise**. In lieu of exercising this Warrant pursuant to Section 2.1, this Warrant may be exercised in whole or in part by Holder by surrender of this Warrant to the Company, accompanied by the form of Notice of Net Issue (Cashless) Exercise attached hereto as **Exhibit A-2**. The number of shares Warrant Stock issuable upon the exercise shall be that having a value equal to the net value of this Warrant, computed as of the date of surrender of this Warrant to the Company, using the following formula:

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X =Y(A-B)/A <br>Where:

X=the number of shares of Warrant Stock to be issued to Holder under this Section 2.2;

Y=the maximum number of shares of Warrant Stock purchasable upon cash exercise of this Warrant;

A=the fair market value per share of Warrant Stock at the date of exercise, as determined in accordance with Section 2.3, below;

B=the Warrant Exercise Price.

**2.3** **Fair Market Value in Net Issue Exercise**. For purposes of Section 2.2, the fair market value per share of Warrant Stock shall be determined by the Company's Board of Directors (the "**Board**") in good faith. In the case of Net Issue Exercise in connection with and contingent upon the closing of the Company's Initial Public Offering, the fair market value per share of Warrant Stock shall be calculated by multiplying the gross offering price to the public (prior to deduction of underwriters' discounts and expenses) of a share of Other Stock by the number of shares of Other Stock into which each outstanding share of Warrant Stock then can be converted or will be converted upon the offering.

**2.4** **Automatic Conversion**. If Warrant Stock has been automatically converted to Other Stock pursuant to the terms and conditions of the Warrant Stock, then this Warrant shall automatically convert into a right to purchase Other Stock, pursuant to the formulas set forth in Sections 2.2 and 2.3 above, and the number of shares of the Company's common stock to which Holder shall be entitled to purchase shall be multiplied by that number of shares of Other Stock which were received upon conversion of one share of such Warrant Stock at the time of such automatic conversion.

**2.5** **Stock Certificates**. In the event of any exercise of the rights represented by this Warrant, unless the Company's common stock is held in book-entry only form, in which case the Company's transfer agent shall provide a statement of holdings, certificates for the shares of Warrant Stock so purchased shall be delivered to Holder within a reasonable time and, unless this Warrant has been fully exercised or has expired, a new Warrant representing the remaining unexercised portion hereof shall also be issued to Holder at such time. Notwithstanding the date of the delivery of the certificate(s) for such Warrant Stock, the person in whose name the certificate(s) for such Warrant Stock are to be issued shall be deemed to have become a stockholder of record on the next succeeding day on which the transfer books are open after the date of the appropriate Notice of Exercise is received by the Company.

**2.6** **Stock Fully Paid; Reservation of Shares**. The Company covenants and agrees that all Warrant Stock which may be issued upon the exercise of the rights represented by this Warrant (any Other Stock receivable upon any conversion of Warrant Stock) will, upon issuance, be fully paid and nonassessable and free from all taxes, liens and charges with respect to the issue thereof (excluding taxes based on the income of Holder). The Company further covenants and agrees that during the period within which the rights represented by this Warrant may be exercised, the Company will at all times use its best

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efforts to have authorized and reserved for issuance a sufficient number of shares of its Warrant Stock or other securities as would be required upon the full exercise of the rights represented by this Warrant.

**2.7** **Fractional Shares**. No fractional share of Warrant Stock will be issued in connection with any exercise hereof; in lieu of a fractional share upon complete exercise hereof, Holder may purchase a whole share by delivering payment equal to the appropriate portion of the then effective Warrant Exercise Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8 Automatic Exercise**. To the extent this Warrant is not previously exercised, and if the fair market value of one share of the Company's Warrant Stock issuable hereunder is greater than the Warrant Exercise Price, as adjusted, this Warrant shall be deemed automatically exercised in accordance with Section 2.2 hereof (even if not surrendered) immediately before its expiration. For purposes of such automatic exercise, the fair market value of one share of the Company's Warrant Stock upon such expiration shall be the fair market value determined pursuant to Section 2.3 above. To the extent this Warrant or any portion thereof is deemed automatically exercised pursuant to this Section 2.8, the Company agrees to notify Holder within a reasonable period of time of the number of shares of the Company's Warrant Stock, if any, Holder is to receive by reason of such automatic exercise.

**ARTICLE III**

**CERTAIN ADJUSTMENTS OF NUMBER OF**

**SHARES PURCHASABLE AND WARRANT EXERCISE PRICE**

The number and kind of securities purchasable upon the exercise of this Warrant and the Warrant Exercise Price shall be subject to adjustment from time to time upon the happening of certain events, as follows:

**3.1** **Reclassification, Consolidation or Merger**. In case of, after the Warrant Stock is determinable: (a) any reclassification or change of outstanding securities issuable upon exercise of this Warrant; (b) any consolidation or merger of the Company with or into another corporation (other than a merger with another corporation in which the Company is a continuing corporation and which does not result in any reclassification, change or exchange of outstanding securities issuable upon exercise of this Warrant); or (c) any sale or transfer to another corporation of all, or substantially all, of the assets of the Company, in each case which does not constitute a Change of Control, then, and in each such event, the Company or such successor or purchasing corporation, as the case may be, shall execute a new Warrant of like form, tenor and effect and which will provide that Holder shall have the right to exercise such new Warrant and purchase upon such exercise, in lieu of each share of Warrant Stock theretofore issuable upon exercise of this Warrant, the kind and amount of securities, money and property receivable upon such reclassification, change, consolidation, merger, sale or transfer by a holder of one share of Warrant Stock issuable upon exercise of this Warrant had this Warrant been exercised immediately prior to such reclassification, change, consolidation, merger, sale or transfer. Such new Warrant shall be as nearly equivalent in all substantive respects as practicable to this Warrant and the adjustments provided in this Article III and the provisions of this Section 3.1, shall similarly apply to successive reclassifications, changes, consolidations, mergers, sales and transfers.

**3.2** **Subdivision or Combination of Shares**. If the Company shall at any time while this Warrant remains outstanding and less than fully exercised: (a) divide its Warrant Stock, the number of shares into which this Warrant shall be exercisable shall be proportionately increased and the Warrant Exercise Price shall be proportionately reduced; or (b) shall combine shares of its Warrant Stock, the

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number of shares into which this Warrant shall be exercisable shall be proportionately decreased and the Warrant Exercise Price shall be proportionately increased.

**3.3** **Adjustments for Dividends in Stock or other Securities or Property**. If while this Warrant, or any portion hereof, remains outstanding and less than fully exercised Holders of the securities as to which purchase rights under this Warrant exist at the time shall have received, or, on or after the record date fixed for the determination of eligible stockholders, shall have become entitled to receive, without payment therefor, other or additional stock or other securities or property (other than cash) of the Company by way of dividend, then and in each case, this Warrant shall represent the right to acquire, in addition to the number of shares of the security receivable upon exercise of this Warrant, and without payment of any additional consideration therefor, the amount of such other or additional stock or other securities or property (other than cash) of the Company which such holder would hold on the date of such exercise had it been the holder of record of the security receivable upon exercise of this Warrant on the date hereof and had thereafter, during the period from the date hereof to and including the date of such event, retained such shares and/or all such other additional stock during such period, giving effect to all adjustments called for during such period by the provisions of this Section 3.3.

**3.4** **Time of Adjustments to the Warrant Exercise Price**. All adjustments to the Warrant Exercise Price and the number of shares purchasable hereunder, unless otherwise specified herein, shall be effective as of the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the effective date of a division or combination of shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the record date of any action of holders of any class of the Company's equity taken for the purpose of entitling holders of Warrant Stock to receive a distribution or dividend payable in securities of the Company, provided that such division, combination, distribution or dividend actually occurs.

**3.5** **Notice of Adjustments**. In each case of an adjustment in the Warrant Exercise Price and the number of shares purchasable hereunder, the Company, at its expense, shall cause the Chief Financial Officer of the Company to compute such adjustment and prepare a certificate setting forth such adjustment and showing in detail the facts upon which such adjustment is based. The Company shall mail a copy of each such certificate to Holder pursuant to Section 6.7 hereof.

**3.6** **Duration of Adjusted Warrant Exercise Price**. Following each adjustment of the Warrant Exercise Price, such adjusted Warrant Exercise Price shall remain in effect until a further adjustment of the Warrant Exercise Price.

**3.7** **Adjustment of Number of Shares**. Upon each adjustment of the Warrant Exercise Price

pursuant to this Article III, the number of shares of Warrant Stock purchasable hereunder shall be adjusted to the nearest whole share, to the number obtained by dividing the Aggregate Exercise Price by the Warrant Exercise Price as adjusted.

**ARTICLE IV**

**TRANSFER, EXCHANGE AND LOSS**

**4.1** **Transfers.** Subject to applicable law, this Warrant is transferable on the books of the Company at its principal office by the registered Holder hereof upon surrender of this Warrant properly endorsed, subject to compliance with federal and state securities laws. The Company shall issue and deliver to the transferee a new Warrant or Warrants representing the Warrants so transferred. Upon any partial

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transfer, the Company will issue and deliver to Holder a new Warrant or Warrants with respect to the Warrants not so transferred, at Holder's cost and expense. Notwithstanding the foregoing, Holder shall not be entitled to transfer a number of shares or an interest in this Warrant representing less than fifty percent (50%) of the Aggregate Exercise Price initially covered by this Warrant. Any transferee shall be subject to the same restrictions on transfer with respect to this Warrant as the Investor.

**4.2** **Securities Laws**. If required by the Company, in connection with each issuance of shares of Warrant Stock upon exercise of this Warrant, Holder will give: (a) assurances in writing, satisfactory to the Company, that such shares are being purchased solely for Holder's own account and not as a nominee for any other party, for investment and not with a view to the distribution thereof in violation of applicable laws, (b) sufficient information, in writing, to enable the Company to rely on exemptions from the registration or qualification requirements of applicable laws, if available, with respect to such exercise, and (c) its cooperation to the Company in connection with such compliance.

**4.3** **Exchange**. This Warrant is exchangeable at the principal office of the Company for Warrants which represent, in the aggregate, Holder's rights to purchase the number of shares of Warrant Stock at the Warrant Exercise Price, as set forth above, subject to adjustment from time to time as set forth herein; each new Warrant to represent the right to purchase such portion thereof as Holder shall designate at the time of such exchange. Each new Warrant shall be identical in form and content to this Warrant, except for appropriate changes in the number of shares of Warrant Stock covered thereby and any other changes which are necessary in order to prevent the Warrant exchange from changing the respective rights and obligations of the Company and Holder as they existed immediately prior to such exchange.

**4.4** **Loss or Mutilation**. Upon receipt by the Company of evidence satisfactory to it of the ownership of, and the loss, theft, destruction or mutilation of, this Warrant and (in the case of loss, theft, or destruction) of indemnity satisfactory to it, and (in the case of mutilation) upon surrender and cancellation hereof, the Company will execute and deliver in lieu hereof a new Warrant.

**ARTICLE V**

**HOLDER RIGHTS**

**5.1** **No Stockholder Rights Until Exercise**. No Holder hereof, solely by virtue hereof, shall be entitled to any rights as a shareholder of the Company. Holder shall have all rights of a stockholder with respect to securities purchased upon exercise hereof as of the date set forth in Section 2.5.

**ARTICLE VI**

**MISCELLANEOUS**

**6.1** **Governmental Approvals**. The Company will from time to time take all action which may be necessary to obtain and keep effective any and all permits, consents and approvals of governmental agencies and authorities and securities acts filings under federal and state laws, which may be or become requisite in connection with the issuance, sale, and delivery of this Warrant, and the issuance, sale and delivery of the Warrant Stock or other securities or property issuable or deliverable upon exercise of this Warrant.

**6.2** **Governing Laws**. This Warrant will be governed by and construed in accordance with the laws of the State of Nevada, excluding that body of laws pertaining to conflict of laws. If any provision of this Warrant is determined by a court of law to be illegal or unenforceable, such provision will be enforced to the

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maximum extent possible and the other provisions will remain effective and enforceable. If such clause or provision cannot be so enforced, such provision shall be stricken from this Warrant, as applicable, and the remainder of this Warrant, as applicable, shall be enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in this Warrant, as applicable.

**6.3** **Binding Upon Successors and Assigns**. Subject to, and unless otherwise provided in, this Warrant, each and all of the covenants, terms, provisions, and agreements contained herein shall be binding upon, and inure to the benefit of the permitted successors, executors, heirs, representatives, administrators and assigns of the parties hereto.

**6.4** **Severability**. If any one or more provisions of this Warrant, or the application thereof, shall for any reason and to any extent be invalid or unenforceable, the remainder of this Warrant and the application of such provisions to other persons or circumstances shall be interpreted so as best to reasonably effect the intent of the parties hereto. The parties further agree to replace any such void or unenforceable provisions of this Warrant with valid and enforceable provisions which will achieve, to the extent possible, the economic, business and other purposes of the void or unenforceable provisions.

**6.5** **Amendments, Waivers, Modifications**. This Warrant may be amended only by a written agreement executed by each of the parties hereto. No amendment of or waiver of, or modification of any obligation under this Warrant will be enforceable unless set forth in a writing signed by the party against which enforcement is sought. Any amendment effected in accordance with this section will be binding upon all parties hereto and each of their respective successors and assigns. The failure of any party to enforce any of the provisions hereof shall not be construed to be a waiver of the right of such party thereafter to enforce such provision as to that or any other instance. No waiver granted under this Warrant as to any one provision herein shall constitute a subsequent waiver of such provision or of any other provision herein or therein, nor shall it constitute the waiver of any performance other than the actual performance specifically waived.

**6.6** **Attorneys' Fees**. Should suit be brought to enforce or interpret any part of this Warrant, the prevailing party shall be entitled to recover, as an element of the costs of suit and not as damages, reasonable attorneys' fees to be fixed by the court (including without limitation, costs, expenses and fees on any appeal). The prevailing party shall be the party entitled to recover its costs of suit, regardless of whether such suit proceeds to final judgment. A party not entitled to recover its costs shall not be entitled to recover attorneys' fees. No sum for attorneys' fees shall be counted in calculating the amount of a judgment for purposes of determining if a party is entitled to recover costs or attorneys' fees.

**6.7** **Notices**. Any notice, other communication or payment required or permitted hereunder shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by e-mail (upon written confirmation of receipt), or forty-eight (48) hours after being deposited in the U.S. mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such party's address as set forth on the signature page to this Warrant, as may be updated from time to time in accordance with this Section 6.7.

**6.8** **No Endorsement**. Holder understands that no federal or state securities administrator has made any finding or determination relating to the fairness of investment in the Company or purchase of the Warrant Stock hereunder and that no federal or state securities administrator has recommended or endorsed the offering of securities by the Company hereunder.

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**6.9** **Further Assurances**. The Company and Holder each agree to cooperate fully with the other and to execute such further instruments, documents and agreements and to give such further written assurances, as may be reasonably requested by the other party to better evidence and reflect the transactions described herein and contemplated hereby, and to carry into effect the intents and purposes of this Warrant.

**INVESTOR ACKNOWLEDGES THAT IT HAS BEEN ADVISED TO CONSULT ITS OWN TAX ADVISOR WITH SPECIFIC REFERENCE TO ITS OWN TAX SITUATION AND THE POTENTIAL EFFECT OF APPLICABLE LAWS AND REGULATIONS. THE COMPANY HAS NOT AND DOES NOT PROVIDE ANY ADVICE CONCERNING ANY OF THE POTENTIAL TAX CONSIDERATIONS AND CONSEQUENCES RELATING TO THE ACQUISITION, OWNERSHIP OR DISPOSITION OF THIS WARRANT OR THE WARRANT STOCK. IN ADDITION, THE COMPANY HAS NOT OBTAINED, NOR DOES IT INTEND TO OBTAIN, A RULING FROM THE IRS OR AN OPINION OF COUNSEL WITH RESPECT TO ANY TAX CONSEQUENCES OF ACQUIRING, OWNING OR DISPOSING OF THIS WARRANT OR THE WARRANT STOCK.**

**THE COMPANY IS NOT RESPONSIBLE, NOR DOES IT DIRECTLY OR INDIRECTLY ASSUME RESPONSIBILITY, FOR THE TAX OR LEGAL CONSEQUENCES OF THIS WARRANT OR THE TRANSACTION TO INVESTOR. INVESTOR SHOULD CONSULT ITS OWN TAX AND LEGAL ADVISORS AS TO THE PARTICULAR TAX AND LEGAL CONSEQUENCES TO IT OF ACQUIRING, HOLDING OR DISPOSING OF THIS WARRANT OR THE WARRANT STOCK, INCLUDING THE EFFECT AND APPLICABILITY OF FEDERAL, STATE AND LOCAL TAX LAWS.**

**IN WITNESS WHEREOF**, the parties hereto have executed this Common Stock Warrant as of the date first set forth above.

 **KEYSTAR CORP**, a Nevada corporation

By: *_ /s/ Mark Thomas*_________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark Thomas, Chief Executive Officer

Address:

78 SW 7th Street, Suite 800

Miami, FL 33130

Agreed to and Accepted By Investor:

**EXCEL FAMILY PARTNERS, LLLP**

By: Fortress Holdings, LLC, its General Partner

By: _*/s/ Bruce A. Cassidy*_______________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bruce A. Cassidy, Manager

Address:

103 Plaza Drive, Suite B

St. Clairsville, OH 43950

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**Exhibit A-1**

**NOTICE OF EXERCISE OF COMMON STOCK WARRANT** <br>**BY CASH PAYMENT OF WARRANT EXERCISE PRICE**

[Date]

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| | |
|:---|:---|
| &nbsp;&nbsp;Keystar Corp | &nbsp;&nbsp;Aggregate Exercise Price of Warrant Before<br> Exercise: $__________<br>|
| &nbsp;&nbsp;Attention: Chief Executive Officer | &nbsp;&nbsp;Aggregate Exercise Price Being<br> Exercised: $__________<br>|
|  | &nbsp;&nbsp;Warrant Exercise Price per <br> share $__________<br>|
|  | &nbsp;&nbsp;Number of Shares of Warrant Stock to be Issued Under this Notice: $__________<br>|
|  | &nbsp;&nbsp;Remainder Aggregate Price (if any) After Issuance:<br> $__________<br>|

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**CASH EXERCISE**

Ladies and Gentlemen:

The undersigned registered Holder of the Common Stock Warrant delivered herewith ("**Warrant"**), hereby irrevocably exercises such Warrant for, and purchases thereunder, shares of the Warrant Stock of Keystar Corp, a Nevada corporation, as provided below. Capitalized terms used herein, unless otherwise defined herein, shall have the meanings given in the Warrant. The portion of the Aggregate Exercise Price (as defined in the Warrant) to be applied toward the purchase of Warrant Stock pursuant to this Notice of Exercise is $____, thereby leaving a remainder Aggregate Exercise Price (if any) equal to $____. Such exercise shall be pursuant to the cash exercise provisions of Section 2.1 of the Warrant. Therefore, Holder makes payment with this Notice of Exercise by way of check payable to the Company in the amount of $_____. Such check is payment in full under the Warrant for shares of Warrant Stock based upon the Warrant Exercise Price as currently in effect under the Warrant. Holder requests that the shares of Warrant Stock be issued in the name of ________________ and delivered to ______________________.

To the extent the foregoing exercise is for less than the full Aggregate Exercise Price, a Replacement Warrant representing the remainder of the Aggregate Exercise Price and otherwise of like form, tenor and effect should be delivered to Holder along with the share certificates evidencing the Warrant Stock issued in response to this Notice of Exercise.

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**Exhibit A-2**

**NOTICE OF EXERCISE OF COMMON STOCK WARRANT** <br>**PURSUANT TO NET ISSUE ("CASHLESS") EXERCISE PROVISIONS**

[Date]

---

| | |
|:---|:---|
| &nbsp;&nbsp;Keystar Corp | &nbsp;&nbsp;Aggregate Exercise Price of Warrant Before<br> Exercise: $__________<br>|
| &nbsp;&nbsp;Attention: Chief Executive Officer | &nbsp;&nbsp;Aggregate Exercise Price Being<br> Exercised: $__________<br>|
|  | &nbsp;&nbsp;Warrant Exercise Price per <br> share $__________<br>|
|  | &nbsp;&nbsp;Number of Shares of Warrant Stock to be Issued Under this Notice: $__________<br>|
|  | &nbsp;&nbsp;Remainder Aggregate Price (if any) After Issuance:<br> $__________<br>|

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**CASHLESS EXERCISE**

Ladies and Gentlemen:

The undersigned, registered Holder of the Common Stock Warrant delivered herewith ("**Warrant**"), hereby irrevocably exercises such Warrant for, and purchases thereunder, shares of the Warrant Stock of Keystar Corp, a Nevada corporation, as provided below. Capitalized terms used herein, unless otherwise defined herein, shall have the meanings given in the Warrant. The portion of the Aggregate Exercise Price (as defined in the Warrant) to be applied toward the purchase of Warrant Stock pursuant to this Notice of Exercise is $_____, thereby leaving a remainder Aggregate Exercise Price (if any) equal to $_____. Such exercise shall be pursuant to the net issue exercise provisions of Section 2.2 of the Warrant; therefore, Holder makes no payment with this Notice of Exercise. The number of shares to be issued pursuant to this exercise shall be determined by reference to the formula in Section 2.2 of the Warrant which, by reference to Section 2.3, requires the use of the current per share fair market value of the Company's Warrant Stock. The current fair market value of one share of the Company's Warrant Stock shall be determined in the manner provided in Section 2.3, which amount has been determined or agreed to by Holder and the Company to be $______, which figure is acceptable to Holder for calculations of the number of shares of Warrant Stock issuable pursuant to this Notice of Exercise. Holder requests that the shares of Warrant Stock be issued in the name of ________________ and delivered to ________________________. To the extent the foregoing exercise is for less than the full Aggregate Exercise Price of the Warrant, a replacement Warrant representing the remainder of the Aggregate Exercise Price (and otherwise of like form, tenor and effect) shall be delivered to Holder along with the share certificate evidencing the Warrant Stock issued in response to this Notice of Exercise.

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## Exhibit 10.1

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**SECOND AMENDED AND RESTATED** 

**DISCRETIONARY CONVERTIBLE NON-REVOLVING LINE OF CREDIT DEMAND NOTE**

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| | |
|:---|:---|
| &nbsp;&nbsp;$4000000.00 | &nbsp;&nbsp;Sarasota, Florida |
|  | &nbsp;&nbsp;Dated as of February 24, 2023 |

---

FOR VALUE RECEIVED, and intending to be legally bound hereby, KEYSTAR CORP, a Nevada corporation (the "**Maker**"), hereby promises to pay **ON DEMAND** to the order of EXCEL FAMILY PARTNERS, LLLP, a Florida limited liability limited partnership (the "**Lender**"), the lesser of (i) the principal sum of Four Million Dollars ($4,000,000.00) (the "**Loan Amount**") or (ii) the aggregate unpaid principal balance of the Non-Revolving Credit Loans (as hereinafter defined) made by the Lender to the Maker from time to time, as may be evidenced by inscriptions made on Schedule 1 hereto, or as may be entered in a loan account on the Lender's books and records, or both (together will all extensions, renewals, refinancing or refundings in whole or in part, as amended, modified or supplemented from time to time, this "**Note**"), together with interest thereon at the rate or rates specified herein, as follows:

1. Non-Revolving Credit Loan Facility.

(a)The Non-Revolving Credit Loans. Subject to the terms and conditions hereof and relying upon the representations and warranties set forth in this Note, the Lender has made a loan (each, a "**Non-Revolving Credit Loan**" and collectively, the "**Non-Revolving Credit Loans**") to the Maker at any time or from time to time in an aggregate principal amount which will not exceed the Loan Amount.

(b)Nature of the Non-Revolving Credit Loans. Upon repayment of any amount of principal or interest of the Non-Revolving Credit Loans by the Maker, the Maker may not reborrow under this Note.

(c)Making the Non-Revolving Credit Loans. Subject to the terms and conditions set forth in this Note, and provided that the Maker has satisfied all applicable conditions specified herein, the Lender, in its sole and absolute discretion, will make the Non-Revolving Credit Loans to the Maker.

**(d)** **DISCRETIONARY ADVANCES** **. THIS NOTE DOES NOT CONSTITUTE A COMMITTED LINE OF CREDIT. NON-REVOLVING CREDIT LOANS UNDER THIS NOTE, IF ANY, SHALL BE MADE BY THE LENDER IN ITS SOLE AND ABSOLUTE DISCRETION. NOTHING CONTAINED IN THIS NOTE SHALL BE CONSTRUED TO OBLIGATE THE LENDER TO MAKE ANY NON-REVOLVING CREDIT LOAN IN ANY AMOUNT AND THE LENDER SHALL HAVE THE RIGHT TO REFUSE TO MAKE ANY NON-REVOLVING CREDIT LOAN AT ANY TIME WITHOUT PRIOR NOTICE TO THE MAKER.**

(e)Maximum Principal Balance of Non-Revolving Credit Loans. The aggregate principal amount of the Non-Revolving Credit Loans outstanding will not at any time exceed the Loan Amount. The Maker agrees that if at any time the aggregate principal amount of the Non-Revolving Credit Loans outstanding exceeds the Loan Amount (the "**Excess Amount**"), the Maker will promptly pay to the Lender such Excess Amount.

(f)Use of Proceeds. Non-Revolving Credit Loans may be subject to restricted uses from time to time, at the sole and absolute discretion of the Lender. Lender may provide written instructions (instructions via email are permitted) to Maker regarding restrictions on the use of the Non-Revolving Credit Loans. Absent such instructions from the Lender, the Maker may use the Non-Revolving Credit Loans for (i) general company purposes and/or (ii) any other use approved in writing by the Lender, in its sole and absolute discretion.

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(g)Outstanding Principal Balance of Non-Revolving Credit Loans. All advances of principal made on this Note may be inscribed by the Lender on Schedule 1 hereto in the Lender's discretion or entered on the Lender's books and records. Each inscription or entry shall be prima facie evidence of the facts so set forth. No failure by the Lender to make, and no error by the Lender in making, any inscription on Schedule 1 shall affect the Maker's obligation to repay the full principal amount advanced by the Lender to or for the account of the Maker, or the Maker's obligation to pay interest thereon at the agreed upon rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Interest Rate.

(a)Interest. The interest which accrued under the Existing Note (as hereinafter defined) as of December 31, 2022 (the "**Converted Interest**"), in the amount evidenced by inscriptions made on Schedule 1 hereto, was converted to principal as of December 31, 2022. Subject to the terms and conditions of this Note, the aggregate outstanding principal balance of the Non-Revolving Credit Loans, including the Converted Interest, will bear interest as of January 1, 2023 at a fixed rate per annum equal to 15.0% (the "**Fixed Rate**"). Interest on Non-Revolving Credit Loans, unpaid fees and other sums payable hereunder will be computed on the basis of a year of 365 days and paid for the actual number of days elapsed.

(b)Interest After Default. If the Maker (i) fails to comply with any provision hereunder, including, but not limited to, failing to immediately pay all amounts due hereunder to the Lender after demand thereof is made, or (ii) becomes subject to any event described in Section 8 hereof, at the option of the Lender, the unpaid principal amount of the Non-Revolving Credit Loans or any portion thereof, accrued interest thereon, any fees or any other sums payable hereunder will thereafter until paid in full bear interest at a rate per annum equal to the Fixed Rate plus 2.00%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Description of Payments.

(a)Payments of Interest. Beginning on March 1, 2023, and continuing on the first day of each month thereafter to the date on which Lender demands payment of this Note, the Maker will pay to the Lender interest, in arrears, on the aggregate outstanding principal balance of the Non-Revolving Credit Loans at the Fixed Rate.

(b)Payments of Principal. If not sooner paid, the entire principal balance of all outstanding Non-Revolving Credit Loans, together with all unpaid accrued interest thereon, and all other sums and costs owed to the Lender by the Maker with respect to the Non-Revolving Credit Loans will be immediately due and payable **ON DEMAND**, without presentment, protest or notice or further demand of any kind, all of which are hereby waived and an action therefore shall accrue immediately.

(c)Optional Prepayments. The Maker will have the right to prepay the Non-Revolving Credit Loans, in whole or in part, at any time; provided, however, the Maker must (i) provide the Lender prior written notice of the Maker's intention to make such prepayment and (ii) pay to the Lender all interest accrued on the outstanding principal balance of the Non-Revolving Credit Loans to the date of such prepayment and all other fees, costs and charges required to be paid by the Maker to and for the benefit of the Lender.

(d)Payments. All payments (and to the extent the Maker determines to make any prepayments) to be made in respect of principal, interest, fees or other amounts due from the Maker under this Note will be payable on or before 5:00 p.m. (Eastern Time) on the day when due without presentment, further demand, protest or notice of any kind, all of which are hereby expressly waived. Payments made after 5:00 p.m. (Eastern Time) shall be deemed to be made on the next Business Day. All such payments must be made to the Lender at its designated address in lawful money of the United States of America in

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immediately available funds without setoff, counterclaim or other deduction of any nature. Subject to the terms and conditions of this Note, all such payments will be applied at the option of the Lender to accrued and unpaid interest, outstanding principal and other sums due under this Note in such order as the Lender may elect. All such payments will be made absolutely net of, without deduction or offset, and altogether free and clear of any and all present and future taxes, levies, deductions, charges and withholdings and all liabilities with respect thereto, excluding income taxes imposed on the Lender under the Laws (as hereinafter defined) of the United States or any state or political subdivision thereof.

4. Conversion.

(a)Right to Convert. The Lender may, at its sole option, convert all or any portion of the Debt (as hereinafter defined) into fully paid and non-assessable shares of common stock of the Maker (the "**Shares**") at a conversion price in an amount equal to the product of the Lowest Recent Price (as hereinafter defined) multiplied by 80% (such amount is referred to as the "**Conversion Price**"). The number of Shares to be issued upon each conversion of the Debt shall be determined by dividing the Conversion Amount (as hereinafter defined) by the applicable Conversion Price then in effect on the date specified in a notice of conversion ("**Conversion Notice**") given by Lender, delivered to Maker by Lender on such conversion date (the "**Conversion Date**"). Promptly after receipt of a Conversion Notice, the Maker shall provide evidence in form and substance acceptable to the Lender in its sole discretion, that the conversion of such Debt into Shares has occurred.

(b) Adjustments for Reclassification and Reorganization. In case of any reclassification, capital reorganization, or other change of outstanding Shares, or in case of any consolidation or merger of the Maker with or into another entity (other than a consolidation or merger in which the Maker is the continuing company and which does not result in any reclassification, capital reorganization, or other change of outstanding Shares), the Maker shall cause effective provision to be made so that the Lender shall have the right thereafter, by converting the Debt, to receive upon such conversion the kind and number of shares of stock or other securities or property (including cash) receivable upon such reclassification, capital reorganization, or other change, consolidation or merger by a holder of the number of Shares that could have been received upon conversion of the Debt immediately prior to such reclassification, capital reorganization, or other change, consolidation or merger. Any such provision shall include provision for adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 4. The foregoing provisions shall similarly apply to successive reclassifications, capital reorganizations, and other changes of outstanding shares and to successive consolidations or mergers. If the consideration received by the holders of Shares is other than cash, the value shall be as determined by the board of directors of the Maker acting in good faith.

(c)Adjustment for Stock Splits. If and whenever the Maker shall declare or cause a stock split, a stock combination, or a reverse stock split of the Shares, the number of Shares into which the Debt may be converted and the Conversion Price shall be proportionately adjusted in the manner determined by the Maker's board of directors acting in good faith. The number of Shares into which the Debt may be converted, as so adjusted, shall be rounded down to the nearest whole number and the Conversion Price shall be rounded to the nearest cent.

5. Representations and Warranties. The Maker represents and warrants to the Lender that: (i) it is duly organized, validly existing and in good standing under the Laws of the jurisdiction of its formation, and is in good standing and registered to conduct business in all other jurisdictions in which any such failure would materially and adversely affect its ability to perform its obligations hereunder, (ii) the Maker has full power, authority and legal right to enter into this Note and the other Loan Documents and to perform all of its respective obligations hereunder and thereunder and (iii) this Note and the other Loan Documents have been duly executed and delivered by the Maker, and this Note and the other Loan

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Documents constitute the legal, valid and binding obligation of the Maker enforceable in accordance with their terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or similar Laws affecting creditors' rights generally.

6. Affirmative Covenants. The Maker covenants and agrees with the Lender as follows:

(a)Notice of Breach. Promptly upon becoming aware of any failure of the Maker to comply with any provision hereunder, the Maker will give the Lender notice thereof, together with a written statement signed on behalf of the Maker setting forth the details of such failure and any action taken or contemplated to be taken by the Maker with respect thereto.

(b)Further Information. The Maker will promptly furnish, or will cause to be promptly furnished, to the Lender such other information, and in such form, as the Lender may reasonably request from time to time.

(c)Further Assurances. The Maker, at the Maker's own cost and expense, will cause to be promptly and duly taken, executed, acknowledged and delivered all such further acts, documents and assurances as the Lender may reasonably request from time to time in order to carry out the intent and purposes of this Note and the transactions contemplated by this Note.

(d)Other Conditions. Concurrently herewith, the Maker will deliver such other documents and satisfy such other conditions as may be reasonably required to be delivered or satisfied by the terms of this Note and/or any other Loan Document.

7. Negative Covenants. The Maker covenants to the Lender as follows:

(a)Liens. The Maker will not at any time create, incur, assume or permit to exist any Lien on or any of its assets without the prior written consent of Lender, which consent may be given or withheld in Lender's sole discretion.

(b)Indebtedness. The Maker will not, at any time, create, incur, assume or suffer to exist any Indebtedness (as hereinafter defined) without the Lender's prior written consent, except:

(i)Indebtedness under this Note or any other Loan Document or any other document, instrument or agreement between the Maker and the Lender; and

(ii)current accounts payable, accrued expenses and other expenses arising out of transactions (other than borrowing) in the ordinary course of business.

(c)Disposition of Assets. Except as set forth in this Note and/or any other Loan Document, the Maker will not sell, convey, pledge, assign, abandon, transfer or dispose of, voluntarily or involuntarily, any of its assets without the Lender's prior written consent.

(d)Dividends and Distributions. The Maker will not make, cause, permit or allow the payment of any dividends or distributions to any member of Maker without the Lender's prior written consent.

8. Bankruptcy/Insolvency.

(a)If a proceeding shall have been instituted in respect of the Maker:

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(i)seeking to have an order for relief entered in respect of or seeking a declaration or entailing a finding that the Maker is insolvent or a similar declaration or finding, or seeking dissolution, winding-up, charter revocation or forfeiture, liquidation, reorganization, arrangement, adjustment, composition or other similar relief with respect to the Maker, his assets or debts under any Law relating to bankruptcy, insolvency, relief of debtors or protection of creditors, termination of legal entities or any other similar Law now or hereafter in effect and said proceeding or order is not dismissed, vacated or stayed within sixty (60) days of his commencement or entry; or

(ii)seeking appointment of a receiver, trustee, custodian, liquidator, assignee, sequestrator or other similar official for the Maker or for all or any substantial part of his property; or

(b)if the Maker shall become insolvent, shall become generally unable to pay his debts as they become due, shall voluntarily suspend transaction of his businesses, shall make a general assignment for the benefit of creditors, shall institute a proceeding described in Section 8(a)(i) or shall consent to any such order for relief, declaration, finding or relief described therein, shall institute a proceeding described in Section 8(a)(ii) of this Note or shall consent to any such appointment or to the taking of possession by any such official of all or any substantial part of his property whether or not any proceeding is instituted, shall dissolve, wind-up or liquidate any substantial part of his properties, or shall take any action in furtherance of any of the foregoing.

**THEN, IN ADDITION TO THE LENDER'S UNQUALIFIED RIGHT TO DEMAND PAYMENT OF THE OUTSTANDING AGGREGATE PRINCIPAL BALANCE AND ALL ACCRUED INTEREST ON THE LOAN**, the unpaid principal amount of this Note, interest accrued on the unpaid principal amount and all other amounts owing by the Maker under this Note shall automatically become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are expressly waived, and an action for any amounts due shall accrue immediately.

9. Remedies Cumulative. The rights and remedies of the Lender will be cumulative and may be pursued singly, concurrently, or successively in the Lender's sole discretion, and may be exercised as often as necessary; and the failure to exercise any such right or remedy will in no event be construed as a waiver or release of the same.

10. Definitions. As used herein:

(a)"**Affiliate**" of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person; and (y) the term "control" (including the terms "controlled by" and "under common control with") means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise

(b)"**Business Day**" will mean any day which is neither a Saturday or Sunday nor a legal holiday on which commercial banks are authorized or required to be closed in Sarasota, Florida.

(c)"**Closing Date**" will mean February 24, 2023.

(d)"**Conversion Amount**" means, with respect to any conversion of the Debt, the sum of (i) the principal amount of this Note to be converted in such conversion plus (ii) at the Lender's option, accrued and unpaid interest, if any, on such principal amount to the Conversion Date.

(e)"**Conversion Date**" will mean that as set forth in Section 4(a) hereof.

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(f) "**Conversion Notice**" will mean that as set forth in Section 4(a) hereof.

(g)"**Conversion Price**" will mean that as set forth in Section 4(a) hereof.

(h)"**Converted Interest**" will mean that as set forth in Section 2(a) hereof.

(i)"**Debt**" will mean, collectively, (A) all indebtedness, whether of principal, interest, fees, expenses or otherwise, of the Maker to the Lender, whether now existing or hereafter incurred including, but not limited to, future loans and advances, if any, under this Note, as the same may be amended from time to time, together with any and all extensions, renewals, refinancings or refundings thereof in whole or in part, and (B) all costs and expenses including, without limitation, to the extent permitted by Law, reasonable attorneys' fees and legal expenses, incurred by the Lender in the collection of any of the indebtedness referred to in clause (A) above in amounts due and owing to the Lender under this Note.

(j)"**Excess Amount**" will mean that as set forth in Section 1(e) hereof.

(k)"**Existing Note**" will mean that as set forth in Section 13(l) hereof.

(l)"**Fixed Rate**" will mean that as set forth in Section 2(a) hereof.

(m)"**Indebtedness**" will mean, all obligations for borrowed money, direct or indirect, incurred, assumed or guaranteed (including, without limitation, all notes payable and drafts accepted representing the Loan Amount).

(n)"**Law**" or "**Laws**" will mean, singularly or collectively, as the context may require, any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree or award of any Official Body.

(o)"**Lender**" will mean that as set forth in the preamble hereof.

(p)"**Lien**" will mean any mortgage, deed of trust, pledge, lien, security interest, charge or other encumbrance or security arrangement of any nature including, but not limited to, any conditional sale or title retention arrangement, and any assignment, deposit arrangement or lease intended as, or having the effect of, security for Indebtedness.

(q)"**Loan Amount**" will mean that as set forth in the preamble hereof.

(r)"**Loan Document**" or "**Loan Documents**" will mean, singularly or collectively, as the context may require, (i) this Note and (ii) any and all other documents, instruments, certificates and agreements executed and delivered in connection with this Note, as any of them may be amended, restated, modified or supplemented from time to time.

(s)"**Lowest Recent Price**" means, as of each applicable Conversion Date, the lowest price per Share that Company has sold one or more Shares to an investor or lender within the 24-month period prior to the applicable Conversion Date; provided, however, that if no Shares were sold within such 24-month period, the Lowest Recent Price will be $0.50 per Share.

(t)"**Maker**" will mean that as set forth in the preamble hereof.

(u)"**Non-Revolving Credit Loan**" or "**Non-Revolving Credit Loans**" will mean that as set forth in Section 1(a) hereof.

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(v)"**Note**" will mean that as set forth in the preamble hereof.

(w)"**Notices**" will mean that as set forth in Section 13(f) hereof.

(x)"**Official Body**" will mean any government or political subdivision or any agency, authority, bureau, central bank, board, commission, department or instrumentality of either, or any court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic.

(y)"**Person**" will mean an individual, corporation, partnership, limited liability company, joint venture, trust or unincorporated organization, or a government or any agency or political subdivision thereof.

(z)"**Shares**" will mean that as set forth in Section 4(a) hereof.

11. Construction. Unless the context of this Note otherwise clearly requires, references to the plural includes the singular, the singular the plural, the part the whole and "or" has the inclusive meaning represented by the phrase "and/or". References in this Note to "judgments" of the Lender include good faith estimates by the Lender (in the case of quantitative judgments) and good faith beliefs by the Lender (in the case of qualitative judgments). The definition of any document or instrument includes all schedules, attachments, and exhibits thereto and all renewals, extensions, supplements, restatements and amendments thereof. "Hereunder", "herein", "hereto", "hereof", "this Note" and words of similar import refer to this entire document; "including" is used by way of illustration and not by way of limitation, unless the context clearly indicates to the contrary; and any action required to be taken by the Maker is to be taken promptly, unless the context clearly indicates to the contrary.

12. Duration; Survival. All representations and warranties of the Maker contained in this Note or the Loan Documents will survive the making of and will not be waived by the execution and delivery of this Note or the Loan Documents, by any investigation by the Lender, or by the making of the Non-Revolving Credit Loans. Notwithstanding termination of this Note, all covenants and agreements of the Maker will continue in full force and effect from and after the date of this Note until payment in full of this Note, interest thereon, and all fees and other obligations of the Maker under this Note.

13. Miscellaneous.

(a)This Note evidences the Non-Revolving Credit Loans and evidences all other amounts payable by the Maker hereunder.

(b)Except as otherwise provided in this Note, whenever any payment or action to be made or taken under this Note is stated to be due on a day which is not a Business Day, such payment or action will be made or taken on the next following Business Day and such extension of time will be included in computing interest or fees, if any, in connection with such payment or action.

(c)The Lender and the Maker may from time to time enter into agreements amending, modifying or supplementing this Note or changing the rights of the Lender or of the Maker under this Note and the Lender may from time to time grant waivers or consent to a departure from the due performance of the obligations of the Maker under this Note. Any such agreement, waiver or consent must be in writing and will be effective only to the extent specifically set forth in such writing. An agreement to increase the Loan Amount stated herein may be made by a separate written instrument or by an email exchange between the authorized representatives of the Lender and Maker who execute this Note if the increased amount is specifically stated and is ten percent (10%) or less than the Loan Amount stated herein. In the case of any waiver or consent relating to any provision of this Note, any failure to comply with any provision of this

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Note so waived or consented to will be deemed to be cured and not continuing, but no such waiver or consent will extend to any other or subsequent failure to comply with any provision of this Note or impair any right consequent thereto.

(d)This Note may not be assigned or transferred by the Lender without the written consent of the Maker, which consent shall not be unreasonably withheld, conditioned or delayed. This Note shall inure to the benefit of and be binding upon the parties hereto and their permitted assigns.

(e)No course of dealing and no delay or failure of Lender in exercising any right, power or privilege under this Note will affect any other or further exercise thereof or exercise of any other right, power or privilege except as and to the extent that the assertion of any such right, power or privilege will be barred by an applicable statute of limitations; nor will any single or partial exercise of any such right, power or privilege or any abandonment or discontinuance of steps to enforce such a right, power or privilege preclude any further exercise thereof or of any other right, power or privilege. The rights and remedies of the Lender under this Note are cumulative and not exclusive of any rights or remedies that the Lender would otherwise have.

(f)All notices, requests, demands, directions and other communications (collectively "**Notices**") under the provisions of this Note must be in writing (including telexed or telecopied communication) unless otherwise expressly permitted under this Note and must be sent by first-class or first-class express mail, private overnight or next Business Day courier or by telex or telecopy with confirmation in writing mailed first class, in all cases with charges prepaid, and any such properly given Notice will be effective when received. All Notices will be sent to the applicable party at the addresses stated below or in accordance with the last unrevoked written direction from such party to the other parties.

Maker:KEYSTAR CORP

78 SW 7<sup>th</sup> Street, Suite 800

Miami, FL 33130

Attention: Chief Executive Officer

and copy to:Clark Hill PLC

14850 N, Scottsdale Road, Suite 500

Scottsdale, Arizona 85254

Attention: Daniel A. Schenck, Esquire

Lender:EXCEL FAMILY PARTNERS, LLLP

1285 N. Palm Ave.

Sarasota, Florida 34236

Attention: Bruce Cassidy

and copy to:Clark Hill PLC

One Oxford Centre, 14<sup>th</sup> Floor

Pittsburgh, Pennsylvania 15219

Attention: Jeffrey J. Conn, Esquire

(g)The provisions of this Note are intended to be severable. If any term or provision of this Note, or the application thereof to any Person or circumstance, will to any extent be invalid or unenforceable, the remainder of this Note, or the application of such term or provision to Persons or circumstances other than those as to which it is invalid or unenforceable, will not be affected thereby, and each term and provision of this Note will be valid and enforceable to the fullest extent permitted by Law.

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(h)This Note will be deemed to be a contract under the Laws of the State of Florida and for all purposes will be governed by and construed and enforced in accordance with the substantive Laws, and not the laws of conflicts, of said State. The Maker consents to the exclusive jurisdiction and venue of the federal and state courts located in Sarasota County, Florida, in any action on, relating to or mentioning this Note, the other Loan Documents or any one or more of them.

(i)This Note and the other Loan Documents supersede all prior understandings and agreements, whether written or oral, among the parties relating to the transactions provided for in this Note and the other Loan Documents.

(j)This Note may not be amended, modified or supplemented orally.

(k)This obligation will bind the Maker and its successors and assigns, and the benefits hereof will inure to the Lender and its successors and assigns, except that the Maker may not assign or transfer any of its rights under this Note.

(l)This Note amends and restates that certain Amended and Restated Discretionary Non-Revolving Line of Credit Demand Note, dated August 16, 2022, issued by the Maker to the Lender in the original principal amount of Two Million Dollars ($2,000,000.00) (the "**Existing Note**"). This Note is issued in substitution for the Existing Note and is not a novation thereof.

(m)**WAIVER OF TRIAL BY JURY** **. THE MAKER AND THE LENDER HEREBY EXPRESSLY, KNOWINGLY AND VOLUNTARILY WAIVE ALL BENEFIT AND ADVANTAGE OF ANY SUCH RIGHT TO A TRIAL BY JURY, AND NEITHER WILL AT ANY TIME INSIST UPON, OR PLEAD OR IN ANY MANNER WHATSOEVER CLAIM OR TAKE THE BENEFIT OR ADVANTAGE OF A TRIAL BY JURY IN ANY ACTION ARISING IN CONNECTION WITH THIS NOTE OR ANY OF THE OTHER LOAN DOCUMENTS.**

**(n)** **DEMAND** **. THE MAKER ACKNOWLEDGES THAT THE NON-REVOLING CREDIT LOANS ARE PAYABLE ON DEMAND AND THAT NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS NOTE, NOTHING IN THIS NOTE, INCLUDING WITHOUT LIMITATION THE ENUMERATION IN THIS NOTE OF SPECIFIC CONDITIONS OR COVENANTS RELATING TO THE NON-REVOLING CREDIT LOANS, SHALL BE CONSTRUED TO QUALIFY, DEFINE OR OTHERWISE LIMIT IN ANY WAY THE LENDER'S UNRESTRICTED RIGHT, POWER AND ABILITY, AT ANY TIME, AND FROM TIME TO TIME, TO DEMAND THE PAYMENT OF THE AGGREGATE OUTSTANDING BALANCE OF, AND ALL ACCRUED INTEREST ON, THE NON-REVOLING CREDIT LOANS, AND THE MAKER AGREES THAT THE FAILURE TO COMPLY WITH ANY CONDITION, COVENANT OR OTHER PROVISION OF THIS NOTE IS NOT THE ONLY BASIS FOR A DEMAND TO BE MADE BY THE LENDER FOR THE PAYMENT OF THE NON-REVOLING CREDIT LOANS.**

**(o)** **FLORIDA DOCUMENTARY STAMP TAX REQUIRED BY LAW IN THE AMOUNT OF $2,450 HAS BEEN PAID OR WILL BE PAID DIRECTLY TO THE DEPARTMENT OF REVENUE. LENDER MAY PAY THE DOCUMENTARY STAMP TAX AND ADD SUCH TAX PAYMENT AS A "NON-REVOLVING CREDIT LOAN" UNDER THIS NOTE.**

[INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the Maker has duly executed and delivered this Note on the day and year first above written.

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| | |
|:---|:---|
|  | **MAKER:**<br>KEYSTAR CORP,<br>a Nevada corporation<br>By: _*_ /s/ Mark Thomas*__________<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark Thomas, its Chief Executive Officer<br>|
| *Acknowledged and Agreed to:*<br>**LENDER**:<br>EXCEL FAMILY PARTNERS, LLLP,<br>a Florida limited liability limited partnership<br>By: Fortress Holdings, LLC, its general partner<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: _*/s/ Bruce A. Cassidy*________<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bruce A. Cassidy, its Manager<br>|  |

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{Signature Page to

Second Amended and Restated Convertible Discretionary Non-Revolving Line of Credit Demand Note}

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**DISCRETIONARY CONVERTIBLE NON-REVOLVING LINE OF CREDIT DEMAND NOTE**

SCHEDULE 1

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**DATE** | &nbsp;&nbsp;**NON-REVOLVING CREDIT LOANS** | &nbsp;&nbsp;**DETAILS** |
| &nbsp;&nbsp;February 10, 2022 | &nbsp;&nbsp;$2500.00 | &nbsp;&nbsp;Payment to D.Brooks & Associates CPAs on behalf of Maker |
| &nbsp;&nbsp;February 22, 2022 | &nbsp;&nbsp;$6837.50 | &nbsp;&nbsp;Payment to SadlerGibb on behalf of Maker |
| &nbsp;&nbsp;March 16, 2022 | &nbsp;&nbsp;$30000.00 | &nbsp;&nbsp;Wire Transfer |
| &nbsp;&nbsp;April 20, 2022 | &nbsp;&nbsp;$125356.29 | &nbsp;&nbsp;Legal fee reimbursement  |
| &nbsp;&nbsp;August 24, 2022 | &nbsp;&nbsp;$75000.00 | &nbsp;&nbsp;Reimbursements of business expenses to Bruce Cassidy |
| &nbsp;&nbsp;August 31, 2022 | &nbsp;&nbsp;$802429.57 | &nbsp;&nbsp;Wire Transfer |
| &nbsp;&nbsp;September 1, 2022 | &nbsp;&nbsp;$50000.00 | &nbsp;&nbsp;Wire Transfer |
| &nbsp;&nbsp;September 8, 2022 | &nbsp;&nbsp;$110000.00 | &nbsp;&nbsp;Wire Transfer |
| &nbsp;&nbsp;November 9, 2022 | &nbsp;&nbsp;$501000.00 | &nbsp;&nbsp;Wire Transfer |
| &nbsp;&nbsp;December 13, 2022 | &nbsp;&nbsp;$150000.00 | &nbsp;&nbsp;Wire Transfer |
| &nbsp;&nbsp;December 23, 2022 | &nbsp;&nbsp;$146000.00 | &nbsp;&nbsp;Wire Transfer |
| &nbsp;&nbsp;December 31, 2022 | &nbsp;&nbsp;$27628.72 | &nbsp;&nbsp;Accrued Interest (as of December 31, 2022, which has been converted to principal) |
| &nbsp;&nbsp;January 5, 2023 | &nbsp;&nbsp;$48000.00 | &nbsp;&nbsp;Wire Transfer |
| &nbsp;&nbsp;January 10, 2023 | &nbsp;&nbsp;$100000.00 | &nbsp;&nbsp;Wire Transfer |
| &nbsp;&nbsp;January 11, 2023 | &nbsp;&nbsp;$300000.00 | &nbsp;&nbsp;Wire Transfer |
| &nbsp;&nbsp;January 30, 2023 | &nbsp;&nbsp;$441059.43 | &nbsp;&nbsp;Wire Transfer |
| &nbsp;&nbsp;January 31, 2023 | &nbsp;&nbsp;$11065.00 | &nbsp;&nbsp;Wire Transfer |
| &nbsp;&nbsp;February 1, 2023 | &nbsp;&nbsp;$137500.00 | &nbsp;&nbsp;Wire Transfer |
| &nbsp;&nbsp;February 14, 2023 | &nbsp;&nbsp;$175000.00 | &nbsp;&nbsp;Wire Transfer |
| &nbsp;&nbsp;**TOTAL:** | &nbsp;&nbsp;**$3239376.51** |  |

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*Ledger acknowledged and confirmed by:*

KEYSTAR CORP,<br>a Nevada corporation

By: __*_ /s/ Mark Thomas*________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark Thomas, its Chief Executive Officer

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