NovAccess Global Inc.: debt financing — NovAccess issues $117K note to AJB Capital, acquires 18.6% of Fendix Media for shares

NovAccess Global Inc.

Issued $117,000 promissory note to AJB Capital with 12% interest, due Nov 13, 2024; 10% OID; warrants for 10M shares at $0.0001 each.
Proceeds from AJB note used to repay all remaining debt to 1800 Diagonal Lending LLC, retiring that obligation.
Acquired 18.6% ownership in Fendix Media in exchange for 14,795,455 newly-issued unregistered shares of NovAccess common stock.
Previously disclosed $3.63M equity and $7.05M loan from Sumner Global remains pending; close expected but not guaranteed.
AJB note includes default conversion at a discount, 18% default interest, and covenants restricting asset sales and additional debt.

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 $117,000 with AJB Capital Investments, LLC at 12% a year maturing November 13, 2024.

Instrument: loan
Principal: $117,000
Counterparty: AJB Capital Investments, LLC
Rate: 12% a year
Maturity: November 13, 2024
Event: incurrence

Exact text from the filing

entered into a securities purchase agreement (the “SPA”) with AJB Capital Investments, LLC (“AJB”) and issued a promissory note in the principal amount of $117,000 (the “note”) to AJB pursuant to the SPA

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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 $117,000 (effective 2024-05-13).

Action: entry
Agreement: equity purchase
Counterparty: AJB Capital Investments, LLC
Value: $117,000
Effective: 2024-05-13

Exact text from the filing

On May 13, 2024, NovAccess Global Inc. (“we,” “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 $117,000 (the “note”) to AJB pursuant to the SPA.

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

NovAccess Global Inc. entered into stock purchase agreement with Dawn Digital Limited (effective 2024-05-17).

Action: entry
Agreement: equity purchase
Counterparty: Dawn Digital Limited
Effective: 2024-05-17

Exact text from the filing

On May 17, 2024, we entered into a stock purchase agreement with Dawn Digital Limited, a company owned by David Sumner, and acquired an 18.6% ownership interest in Fendix Media Limited in exchange for 14,795,455 newly-issued unregistered shares of NovAccess common stock.

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

Source: SEC EDGAR

accession 0001185185-24-000544

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