Cyber App Solutions Corp.: debt financing — Cyber App Solutions issues $16M convertible notes with warrants to Kips Bay Select and Cyber One

Cyber App Solutions Corp.

Net proceeds of $8M after 50% original-issue discount used to settle $6M Alpha Carta Ltd. debt and Trade Credit Agreement.
Notes bear 5% interest (18% after default), mature July 21, 2024; monthly payments of $1.5M begin Jan 21, 2024.
Warrants for up to 7,692,308 shares exercisable at lower of $3.12 per share or Valuation Cap Price (cap $250M).
Subsidiaries Proton Green LLC and PG LandCo LLC guarantee the notes; assets pledged as collateral.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Cyber App Solutions Corp. incurred convertible notes of $16,000,000 with Kips Bay Select LP, Cyber One, LTD at five percent (5%) per annum prior to any Event of Default or eighteen percent (1 maturing July 21, 2024.

Instrument: convertible notes
Principal: $16,000,000
Counterparty: Kips Bay Select LP, Cyber One, LTD
Rate: five percent (5%) per annum prior to any Event of Default or eighteen percent (1
Maturity: July 21, 2024
Event: incurrence

Exact text from the filing

On November 21, 2023, pursuant to the SPA, the Company issued a Note to each Investor in the principal amount of $8,000,000.00. The aggregate principal amount of the Notes is $16,000,000

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Cyber App Solutions Corp. entered into Securities Purchase Agreement with Kips Bay Select LP and Cyber One, LTD valued at $16,000,000 (effective 2023-11-21).

Action: entry
Agreement: equity purchase
Counterparty: Kips Bay Select LP and Cyber One, LTD
Value: $16,000,000
Effective: 2023-11-21

Exact text from the filing

On November 21, 2023, Cyber App Solutions Corp.,a Nevada corporation (the “Company” or “we”), Kips Bay Select LP, a Delaware limited partnership (“Kips Bay Select” or the “Lead Investor”), and Cyber One, LTD, a Cayman Islands limited company (the “Investor” and together with the Lead Investor, the “Investors”) entered into and closed the secured transaction contemplated by a Securities Purchase Agreement (the “SPA”),

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Source: SEC EDGAR

accession 0000950170-23-066103

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