NovAccess Global Inc.: debt financing — NovAccess Global issues $100K promissory note to AJB Capital with 20% OID, 12% interest, due Aug 2024

NovAccess Global Inc.

Initial draw of $25,000 for working capital; additional $25,000 draws on March 15 and April 15, 2024.
Note bears 12% interest, 20% original issue discount, due August 27, 2024; must prepay from any capital raise over $5M.
Upon default, interest rises to 18%, amounts may double, and AJB can convert outstanding into shares at market discount.
Company granted AJB a security interest in all assets, including equity of StemVax LLC, under a security agreement.
Registration rights agreement requires filing Form S-1 by May 27, 2024 to register conversion shares for resale.

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 up to $100,000 with AJB Capital Investments, LLC at 12% a year maturing August 27, 2024.

Instrument: loan
Principal: up to $100,000
Counterparty: AJB Capital Investments, LLC
Rate: 12% a year
Maturity: August 27, 2024
Event: incurrence

Exact text from the filing

issued a promissory note in the principal amount of up to $100,000 (the “note”) to AJB pursuant to the SPA. NovAccess made an initial draw of $25,000

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

NovAccess Global Inc. entered into securities purchase agreement with AJB Capital Investments, LLC valued at $100,000 (effective 2024-02-27).

Action: entry
Agreement: equity purchase
Counterparty: AJB Capital Investments, LLC
Value: $100,000
Effective: 2024-02-27

Exact text from the filing

On February 27, 2024, NovAccess Global Inc. (“NovAccess” or the “company”) entered into a securities purchase agreement (the “SPA”) with AJB Capital Investments, LLC (“AJB”) and issued a promissory note in the principal amount of up to $100,000 (the “note”) to AJB pursuant to the SPA.

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

Source: SEC EDGAR

accession 0001185185-24-000196

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