8-K
filed March 28, 2024, 7:59 PM ET
CIK 0001448597
other material
confidence high
sentiment neutral
materiality 0.60
AUGUSTA GOLD CORP.: debt financing — Augusta Gold CFO resigns effective Mar 31; debt amended with $525K loan, maturity to June 30
AUGUSTA GOLD CORP.
- CFO Michael McClelland resigns effective March 31, 2024; Tyler Minnick appointed interim CFO effective April 1.
- Debt amendment extends Note maturity from March 31 to June 30, 2024; extension fee of $27,790.70 accrued.
- Additional $525,000 loan (less $25,000 origination fee) added; total principal $22,793,852.82.
- Interest rate remains prime plus 3%; governing law changed from Delaware to Nevada.
- Note secured by first-priority lien on all assets and subsidiaries' guarantees via Amended Security Agreement.
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
AUGUSTA GOLD CORP. incurred loan of $22,793,852.82 with Augusta Investments Inc. at prime plus 3% maturing June 30, 2024.
- Instrument
- loan
- Principal
- $22,793,852.82
- Counterparty
- Augusta Investments Inc.
- Rate
- prime plus 3%
- Maturity
- June 30, 2024
- Event
- incurrence
Exact text from the filing
As issued on March 27, 2024, the Amended and Restated Note is for a principal amount of $22,793,852.82, which includes (i) the original issue amount of the Note on September 13, 2022 of $22,232,561, (ii) an extension fee of $33,501.12 on December 13, 2023, (iii) the $525,000 loan on March 27, 2024 and (iv) the extension fee of $27,790.70 on March 27, 2024.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Tyler Minnick was appointed as Chief Financial Officer at AUGUSTA GOLD CORP..
- Action
- appointed
- Role
- Chief Financial Officer
Exact text from the filing
On March 27, 2024, the Board of Directors appointed Mr. Tyler Minnick to act as interim Chief Financial Officer of the Company effective April 1, 2024.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michael McClelland resigned as Chief Financial Officer at AUGUSTA GOLD CORP..
- Action
- resigned
- Role
- Chief Financial Officer
Exact text from the filing
Mr. Michael McClelland tendered his resignation as the Chief Financial Officer of the Company effective March 31, 2024.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
AUGUSTA GOLD CORP. entered into Amended and Restated Note with Augusta Investments Inc. valued at $22,793,852.82 (effective 2024-03-27).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Augusta Investments Inc.
- Value
- $22,793,852.82
- Effective
- 2024-03-27
Exact text from the filing
the Company issued an amended and restated Note to the Purchaser dated March 27, 2024 (the “Amended and Restated Note”). The Amended and Restated Note amends the Note to provide that the principal amount due and payable thereunder will be set forth on Schedule A thereto, as amended from time to time, by the mutual agreement of the parties. As issued on March 27, 2024, the Amended and Restated Note is for a principal amount of $22,793,852.82
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
AUGUSTA GOLD CORP. amended Amendment Number One with Augusta Investments Inc. valued at US$22,232,561 (effective 2024-03-27).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Augusta Investments Inc.
- Value
- US$22,232,561
- Effective
- 2024-03-27
Exact text from the filing
On March 27, 2024, Augusta Gold Corp. a Nevada corporation (the “Company”), entered into Amendment Number One (the “Amendment”) to its previously issued Secured Promissory Note Purchase Agreement dated on September 13, 2022 (the “Purchase Agreement”) with Augusta Investments Inc. (the “Purchaser”), pursuant to which the Purchaser agreed to purchase a secured promissory note in the amount of US$22,232,561 (the “Note”).
View on SEC.gov
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