NovAccess Global Inc.: debt financing — NovAccess Global secures $10.7M financing from Sumner Global; Sumner to gain majority control

NovAccess Global Inc.

Sumner will purchase 33.0M shares at $0.11/share ($3.63M) and lend $7.05M via convertible notes at 10% interest.
Convertible notes due in 5 years, convertible at $0.11/share; first tranche of $3.05M due Feb 15, 2024, second $4M due Mar 15, 2024.
CEO's affiliate converts 600 Series B preferred shares into 6M common shares upon closing, eliminating all preferred stock.
Post-transaction Sumner will hold a majority of outstanding common shares, gaining ability to control shareholder votes.
Proceeds to fund operations, repay debt, and advance brain tumor immunotherapy (TLR-AD1) pipeline.

item 1.01 item 2.03 item 3.02 item 5.01 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

NovAccess Global Inc. incurred convertible notes of $7.05 million with Sumner Global LLC at 10% a year maturing five-year term.

Instrument: convertible notes
Principal: $7.05 million
Counterparty: Sumner Global LLC
Rate: 10% a year
Maturity: five-year term
Event: incurrence

Exact text from the filing

”), pursuant to which Sumner agreed to purchase 33.0 million newly issued shares of our unregistered common stock for $0.11 a share, or $3.63 million in total, and to loan us $7.05 million (collectively, the “ transaction ”). We expect to use this investment to fund operations and repay debt. Sumner is a global company that has created value across a diverse range

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

NovAccess Global Inc. entered into purchase agreement with Sumner Global LLC, an affiliate of Sumner Investment Group Inc. valued at $3.63 million (effective 2023-12-29).

Action: entry
Agreement: equity purchase
Counterparty: Sumner Global LLC, an affiliate of Sumner Investment Group Inc.
Value: $3.63 million
Effective: 2023-12-29

Exact text from the filing

On December 29, 2023, NovAccess Global Inc. entered into a securities purchase agreement (the “ purchase agreement ”) with Sumner Global LLC, an affiliate of Sumner Investment Group Inc. (“ Sumner ”), pursuant to which Sumner agreed to purchase 33.0 million newly issued shares of our unregistered common stock for $0.11 a share, or $3.63 million in total, and to loan us $7.05 million

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

Source: SEC EDGAR

accession 0001185185-24-000010

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