Lucy Scientific Discovery, Inc.: debt financing — Lucy Scientific Discovery secures up to $1.8M via convertible notes and warrants

Lucy Scientific Discovery, Inc.

First tranche of $850,000 closed; aggregate principal up to $2M with $200K OID.
Warrants issued to purchase 1.5M common shares at $0.25 per share, exercisable until Dec 2028.
Convertible notes bear 10% interest, mature 12 months from issuance, prepayable at 110%.
Equity interest of $450K in common shares issuable when shares become unrestricted.
Obligations secured by all company assets; subsequent tranches up to $950K at investors' discretion.

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

Lucy Scientific Discovery, Inc. incurred convertible notes of up to a total of $1.8 million with accredited investors at 10.0% per annum maturing 12 months thereafter.

Instrument: convertible notes
Principal: up to a total of $1.8 million
Counterparty: accredited investors
Rate: 10.0% per annum
Maturity: 12 months thereafter
Event: incurrence

Exact text from the filing

On December 12, 2023, Lucy Scientific Discovery, Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with three (3) accredited investors (collectively, the “Investors”), pursuant to which the Investors may lend up to a total of $1.8 million to the Company.

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

Lucy Scientific Discovery, Inc. entered into Purchase Agreement with three (3) accredited investors valued at up to a total of $1.8 million (effective 2023-12-12).

Action: entry
Agreement: equity purchase
Counterparty: three (3) accredited investors
Value: up to a total of $1.8 million
Effective: 2023-12-12

Exact text from the filing

On December 12, 2023, Lucy Scientific Discovery, Inc. (the “Company”) entered into a securities purchase agreement (the “Purchase Agreement”) with three (3) accredited investors (collectively, the “Investors”), pursuant to which the Investors may lend up to a total of $1.8 million to the Company.

View on SEC.gov

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Source: SEC EDGAR

accession 0001213900-23-096522

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