CLS Holdings issues $1.35M secured notes at 12%, redeems $1.2M+ debentures and 13.2M shares

CLS Holdings USA, Inc.

Issued four secured promissory notes for $1,350,000 total, 12% interest, maturing Feb 2026.
Used $1,250,000 of proceeds to redeem unsecured debentures bearing 15% interest, plus warrants and shares.
Retired $1,200,000 in principal and $326,250 in accrued interest on debentures.
Repurchased 13,174,402 shares at $0.045 each, reducing outstanding shares from 137.7M to 124.4M.
Remaining proceeds will be used for general working capital.

Key facts

Extracted from this filing and checked against the source text.

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

CLS Holdings USA, Inc. entered into Redemption Agreement with Tribeca Investment Partners PTY LTD - Tribeca Global Natural Resources Fund and several related entities valued at Redemption of unsecured debentures (original principal $1,500,000, 15% interest), related warrants f (effective 2024-02-22).

Action: entry
Agreement: notes offering
Counterparty: Tribeca Investment Partners PTY LTD - Tribeca Global Natural Resources Fund and several related entities
Value: Redemption of unsecured debentures (original principal $1,500,000, 15% interest), related warrants f
Effective: 2024-02-22

Exact text from the filing

On February 22, 2024, the Company entered into a Redemption Agreement with Tribeca Investment Partners PTY LTD - Tribeca Global Natural Resources Fund and several related entities to redeem unsecured debentures, bearing interest at 15% per annum, in aggregate original principal amount of $1,500,000.00 (the “ Debentures ”), related warrants to purchase 454,548 shares of the Company’s common stock, and 13,174,402 shares of the Company’s common stock (the “ Shares ”) for a total redemption price of $1,250,000.00 (the “ Redemption ”).

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

CLS Holdings USA, Inc. entered into Secured Promissory Notes with accredited investors valued at Aggregate original principal amount of $1,350,000.00, bearing interest at 12% annually, secured by a (effective 2024-02-22).

Action: entry
Agreement: credit facility
Counterparty: accredited investors
Value: Aggregate original principal amount of $1,350,000.00, bearing interest at 12% annually, secured by a
Effective: 2024-02-22

Exact text from the filing

On February 22, 2024, CLS Holdings USA, Inc., a Nevada corporation (the “ Company ”), entered into four secured promissory notes (the “ Notes ”) in aggregate original principal amount of $1,350,000.00. The Notes bear interest at 12% annually and are secured by all otherwise unencumbered assets of the Company or its subsidiaries permitted to be pledged by law. The Notes mature on February 28, 2026.

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Source: SEC EDGAR

accession 0001185185-24-000190

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