secwatch.observer — SEC 8-K summary
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Issuer:     NovAccess Global Inc. (—)
CIK:        0001039466
Form:       8-K
Filed at:   2023-06-23T23:59:59+00:00
Accession:  0001185185-23-000653
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1039466/000118518523000653/0001185185-23-000653-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1039466/000118518523000653/novaccess20230623_8k.htm
  HTML page:      https://secwatch.observer/filing/0001185185-23-000653

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