NovAccess Global Inc.: debt financing — NovAccess Global secures $75,000 loan at 15% from AJB Capital, issues 750,000-share warrant

NovAccess Global Inc.

AJB loans additional $75,000 (15% annual interest, due July 16, 2023) added to existing $1.265M promissory note.
$56,575 used to repay 1800 Diagonal Lending loan; remainder for working capital.
NovAccess issues pre-funded warrant for 750,000 shares at $0.0001/share to AJB.
Make-whole provision: if AJB receives <$750K net from warrant share sales, company must issue more shares or pay cash shortfall.
CEO Dwain Irvin personally guarantees the $75,000 loan; company must register warrant shares for resale within 180 days.

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 loan of $75,000 with AJB Capital Investments, LLC at 15% per annum maturing July 16, 2023.

Instrument: loan
Principal: $75,000
Counterparty: AJB Capital Investments, LLC
Rate: 15% per annum
Maturity: July 16, 2023
Event: incurrence

Exact text from the filing

On February 9, 2023, AJB loaned us an additional $265,000, which was added to the May 2022 note. Pursuant to the letter agreement, AJB loaned us an additional $75,000 on June 20, 2023, which was added to the May 2022 note. This $75,000 loan bears interest at 15% per annum and is due on July 16, 2023.

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

NovAccess Global Inc. entered into Letter Agreement with AJB Capital Investments, LLC valued at $75,000 loan at 15% interest, due July 16, 2023; pre-funded warrant for 750,000 shares at $0.0001 pe (effective 2023-06-19).

Action: entry
Counterparty: AJB Capital Investments, LLC
Value: $75,000 loan at 15% interest, due July 16, 2023; pre-funded warrant for 750,000 shares at $0.0001 pe
Effective: 2023-06-19

Exact text from the filing

On June 19, 2023, NovAccess Global Inc. (“NovAccess,” the “company” or “we”) entered into a letter agreement (the “letter agreement”) with AJB Capital Investments, LLC (“AJB”).

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Source: SEC EDGAR

accession 0001185185-23-000653

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