International Media Acquisition Corp. (IMAQ): debt financing — IMAQ enters loan agreement to fund SPAC extension; special meeting postponed to Jan 27

International Media Acquisition Corp.

Sponsor borrows $385,541.10 initial loan + $128,513.70/month from lender, loans proceeds to IMAQ for trust account deposits.
Lender receives 500k shares for initial loan and 166,700 shares per monthly loan; shares have no lock-up and will be registered.
Special meeting postponed to Jan 27, 2023 9am ET; redemption deadline extended to 5pm ET Jan 26, 2023.
Extension payments: $385,541.10 for 3-month extension, $128,513.70 for each subsequent monthly extension.
Company clarifies trust account funds will not be used to pay excise taxes under Inflation Reduction Act.

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

International Media Acquisition Corp. incurred loan of $385,541.10 (the "Initial Loan") and $128,513.70 per month with Content Creation Media, LLC (the "Sponsor") maturing within five (5) days of the date on which Company consummates its de-SPAC transaction.

Instrument: loan
Principal: $385,541.10 (the "Initial Loan") and $128,513.70 per month
Counterparty: Content Creation Media, LLC (the "Sponsor")
Maturity: within five (5) days of the date on which Company consummates its de-SPAC transaction
Event: incurrence

Exact text from the filing

On January 26, 2023, International Media Acquisition Corp., a Delaware corporation (the “Company”),entered into a Loan and Transfer Agreement, dated as of the date hereof (the “Loan Agreement”), by and among the Company, Content Creation Media, LLC (the “Sponsor”), and the lender named therein (the “Lender”), pursuant to which the Sponsor is permitted to borrow $385,541.10 (the “Initial Loan”) and $128,513.70 per month, at the Company’s discretion (each a “Monthly Loan” and collectively with the Initial Loan, the “Loan”) which will in turn be loaned by the Sponsor to the Company, to cover certain extension payments to the trust account of the Company.

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Source: SEC EDGAR

accession 0001104659-23-006778

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