NovAccess Global Inc.: debt financing — NovAccess issues $54,250 convertible note with 65% discount conversion to 1800 Diagonal Lending

NovAccess Global Inc.

Note bears 8% interest, matures April 24, 2024; prepayment penalty 15-25% of outstanding.
Conversion price set at 65% of avg of three lowest trading prices in prior 15 trading days.
Proceeds used for general working capital; no financial covenants, but asset sale requires lender approval.
Default triggers 22% interest and collection costs; note convertible from Oct 21, 2023.
Issuance exempt under Section 4(a)(2); company must maintain OTCQB listing and SEC reporting.

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

NovAccess Global Inc. incurred convertible notes of $54,250 with 1800 Diagonal Lending LLC at 8% maturing April 24, 2024.

Instrument: convertible notes
Principal: $54,250
Counterparty: 1800 Diagonal Lending LLC
Rate: 8%
Maturity: April 24, 2024
Event: incurrence

Exact text from the filing

issued a convertible promissory note in the original principal amount of $54,250

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

NovAccess Global Inc. entered into Securities Purchase Agreement with 1800 Diagonal Lending LLC valued at Convertible promissory note in original principal amount of $54,250 (effective 2023-04-24).

Action: entry
Agreement: credit facility
Counterparty: 1800 Diagonal Lending LLC
Value: Convertible promissory note in original principal amount of $54,250
Effective: 2023-04-24

Exact text from the filing

On April 24, 2023, NovAccess Global Inc. (“ NovAccess ” or the “ company ”) entered into a securities purchase agreement (the “ SPA ”) with 1800 Diagonal Lending LLC (“ 1800 Diagonal Lending ”) and issued a convertible promissory note in the original principal amount of $54,250 (the “ note ”) to 1800 Diagonal Lending pursuant to the SPA.

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Source: SEC EDGAR

accession 0001185185-23-000432

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