AXIM BIOTECHNOLOGIES, INC. (AXIM): debt financing — AXIM Biotechnologies issues $575K in convertible notes with 3.75% interest and variable conversion price

AXIM BIOTECHNOLOGIES, INC.

Aggregate principal of $575,000: $325,000 cash from four notes, $250,000 to repay prior advances.
Interest rate 3.75% per annum, payable annually starting May 23, 2024; maturity May 23, 2033.
Conversion price is lesser of $0.01 or 70% of average of two lowest closing prices in prior 10 trading days.
Notes are unsecured; no prepayment without holder consent; includes 4.9% beneficial ownership blocker.
Event of default allows holder to accelerate all principal and accrued interest.

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

AXIM BIOTECHNOLOGIES, INC. incurred convertible notes of $575,000 with certain investors at 3.75% per annum maturing May 23, 2033.

Instrument: convertible notes
Principal: $575,000
Counterparty: certain investors
Rate: 3.75% per annum
Maturity: May 23, 2033
Event: incurrence

Exact text from the filing

On May 23, 2023, AXIM Biotechnologies, Inc. (the “Company”) issued five (5) convertible promissory notes in the aggregate principal amount of $575,000 (the "Convertible Notes") to certain investors.

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Source: SEC EDGAR

accession 0001096906-23-001206

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