Digerati Technologies, Inc. (DTGI): debt financing — Digerati Technologies issues $1.67M promissory note to Mast Hill Fund, with conversion and warrant shares

Digerati Technologies, Inc.

Issued unsecured promissory note for ~$1.67M principal (with $250.5K OID) to Mast Hill Fund; net proceeds ~$1.42M.
Note convertible into common stock at $0.0956/share; also issued warrant to purchase up to 10.5M shares at $0.1195.
Issued 2.1M commitment shares to investor; conversion restricted to <4.99% beneficial ownership.
Net proceeds used partly for deposit into MEOA trust to extend SPAC merger deadline, plus working capital.
Note matures Nov 22, 2023; amortization payments of $200K-$400K quarterly starting Feb 2023.

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

Digerati Technologies, Inc. incurred convertible notes of approximately $1,670,000 with Mast Hill Fund, L.P. maturing November 22, 2023.

Instrument: convertible notes
Principal: approximately $1,670,000
Counterparty: Mast Hill Fund, L.P.
Maturity: November 22, 2023
Event: incurrence

Exact text from the filing

Pursuant to the SPA, the Investor purchased, and the Company issued, an unsecured promissory note (the “Note”) in the aggregate principal amount totaling approximately $1,670,000 (the “Principal Amount”) with an original issue discount of $250,500.

View on SEC.gov

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

Digerati Technologies, Inc. entered into Securities Purchase Agreement with Mast Hill Fund, L.P. valued at approximately $1,670,000 (effective 2022-11-28).

Action: entry
Agreement: equity purchase
Counterparty: Mast Hill Fund, L.P.
Value: approximately $1,670,000
Effective: 2022-11-28

Exact text from the filing

On November 28, 2022, Digerati Technologies, Inc. (the “Company”), entered into a securities purchase agreement (the “SPA”) with Mast Hill Fund, L.P. (the “Investor”).

View on SEC.gov

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Digerati Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-22-077314

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