Lakeshore Acquisition II Corp.: debt financing — Lakeshore Acquisition II Corp. obtains $250,000 loan to fund merger extension to June 11, 2023

Lakeshore Acquisition II Corp.

Loan of $250,000 from unnamed lender to extend business combination completion deadline to June 11, 2023.
Loan is non-interest bearing, but accrues LIBOR interest if not repaid by maturity date of July 11, 2023.
Loan secured by 1,725,000 ordinary shares of SPAC held by Sponsor (RedOne Investment Limited).
Lender receives 25,000 shares of post-merger company with registration rights; repayment guaranteed by Nature's Miracle and RedOne.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

Lakeshore Acquisition II Corp. incurred loan of $250,000 with the lender named therein (the "Lender") at the Loan does not bear interest; provided that, if the Loan is not repaid by the maturing June 11, 2023.

Instrument: loan
Principal: $250,000
Counterparty: the lender named therein (the "Lender")
Rate: the Loan does not bear interest; provided that, if the Loan is not repaid by the
Maturity: June 11, 2023
Event: incurrence

Exact text from the filing

Agreement ”). Pursuant to the Loan Agreement, the Lender agreed, subject to the terms and conditions set forth in the Loan Agreement, to loan the Company an aggregate amount of $250,000 (the “ Loan ”). The Loan does not bear interest; provided that, if the Loan is not repaid by the maturity date on June 11, 2023, then the outstanding amount will bear interest at

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Source: SEC EDGAR

accession 0001213900-23-020322

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