Nightfood issues $395K convertible note to Mast Hill Fund, 12-month maturity

NightFood Holdings, Inc.

Issued promissory note to Mast Hill Fund for $395,000; net proceeds $335,750 after $59,250 OID.
Note convertible into common shares at $0.033 per share; conversion capped at 4.99% beneficial ownership.
Maturity 12 months; default triggers 150% penalty plus acceleration; prepayment allowed at 100% plus interest.
Proceeds used for business development, compliance, and M&A expenses.
Company subject to restrictions on additional debt, dividends, asset sales, and variable rate transactions until note repaid.

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

NightFood Holdings, Inc. incurred loan of principal amount of $395,000.00 with Mast Hill Fund, L.P. at lesser of (i) 16% per annum and (ii) the maximum amount permitted by law maturing 12-month anniversary of the Issuance Date.

Instrument: loan
Principal: principal amount of $395,000.00
Counterparty: Mast Hill Fund, L.P.
Rate: lesser of (i) 16% per annum and (ii) the maximum amount permitted by law
Maturity: 12-month anniversary of the Issuance Date
Event: incurrence

Exact text from the filing

On May 9, 2024, Nightfood Holdings, Inc. (the “Company”) consummated the transactions pursuant to a Securities Purchase Agreement (the “Purchase Agreement”) dated as of May 5, 2024 (the “Effective Date”) and issued and sold to Mast Hill Fund, L.P. (“Mast Hill”), a Promissory Note (the “Note”) in the principal amount of $395,000.00

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NightFood Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-043534

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