AXIM BIOTECHNOLOGIES, INC. (AXIM): debt financing — AXIM issues $814,555 in convertible notes and restricted stock for past-due compensation

AXIM BIOTECHNOLOGIES, INC.

Issued $814,555 convertible notes to directors, officers, contractors, and Sapphire employees to settle past salaries/fees.
Notes carry 4.25% annual interest, mature March 1, 2034; three versions with conversion prices of $0.01 or $0.02.
Also sold 1,100,000 restricted shares at $0.01 per share to a Sapphire employee for $11,000 of past-due salary.
Full conversion of all notes yields 47,727,750 common shares; conversion blocked until stock trades at $0.20 for 30 days after 6 months.
Notes are non-transferable; 25% principal due annually for Version 1 Notes.

item 1.01 item 2.03 item 9.01

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 $814,555 at 4.25% annually maturing March 1, 2034.

Instrument: convertible notes
Principal: $814,555
Rate: 4.25% annually
Maturity: March 1, 2034
Event: incurrence

Exact text from the filing

On March 15, 2024, the Company issued unsecured convertible notes with an aggregate face value of $814,555 as more fully described in Item 1.01 above, which is incorporated by reference thereto.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AXIM BIOTECHNOLOGIES, INC. entered into a notes offering with its independent directors, certain officers and contractors of the Company, and employees of its wholly-owned subsidiary, Sapphire Biotech, Inc. valued at aggregate face value of $814,555 (effective 2024-03-15).

Action: entry
Agreement: notes offering
Counterparty: its independent directors, certain officers and contractors of the Company, and employees of its wholly-owned subsidiary, Sapphire Biotech, Inc.
Value: aggregate face value of $814,555
Effective: 2024-03-15

Exact text from the filing

On March 15, 2024, AXIM Biotechnologies, Inc. (the “Company”) issued Convertible Notes, having an aggregate face value of $814,555 (the "Notes"), to (i) its independent directors for past due director fees, (ii) certain officers and contractors of the Company for past due salaries and fees for services rendered, and (iii) employees of its wholly-owned subsidiary, Sapphire Biotech, Inc. ("Sapphire"), for past due salaries.

View on SEC.gov

299 debt financings filed in the last 30 days. Browse all debt financings →

AXIM BIOTECHNOLOGIES, INC. filing history →

Source: SEC EDGAR

accession 0001096906-24-000539

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.