secwatch.observer — SEC 8-K summary
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Issuer:     SusGlobal Energy Corp. (SNRG)
CIK:        0001652539
Form:       8-K
Filed at:   2022-06-30T23:59:59+00:00
Accession:  0001062993-22-015673
Event type: debt
Sentiment:  negative
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SusGlobal Energy issues $1.2M convertible note with $120K OID and 1.33M commitment shares
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- Entered SPA with AJB Capital Investments for 10% unsecured convertible note, principal $1.2M, net proceeds $1.08M after $120K OID.
- Issued 1,333,333 common shares as commitment fee valued at $800K; total purchase price effectively $1.08M.
- Note matures earlier of Dec 23, 2022 or uplist to national exchange; convertible at 90% of market price after Event of Default.
- Default interest rate is 15% per annum on overdue amounts; negative covenants include maintaining corporate existence.
- Reserve of 8M shares initially for conversion; failure to maintain reserve adds $5K per occurrence to principal.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1652539/000106299322015673/0001062993-22-015673-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1652539/000106299322015673/form8k.htm
  HTML page:      https://secwatch.observer/filing/0001062993-22-015673

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