---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-25-023289"
form_type: "8-K"
ticker: null
cik: "0001885336"
company_name: "FORMATION MINERALS, INC."
filed_at: "2025-03-12T23:59:59+00:00"
generated_at: "2026-05-24T22:45:17.456194+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.45
calibrated_materiality_score: 0.45
confidence: "high"
source: SEC EDGAR
---

# Formation Minerals issues $60K convertible promissory note to Alumni Capital LP

## Summary
- Net proceeds of $50K after $10K original issue discount; note matures May 5, 2025.
- Interest at 10% per annum; default interest rate of 22%.
- Convertible into common stock at 60% of lowest 30-day trading price (40% discount).
- Funds for legal and general working capital; Enclave Capital receives 8% fee.

## SEC filing metadata
- accession: 0001213900-25-023289
- form_type: 8-K
- cik: 0001885336
- company_name: FORMATION MINERALS, INC.
- filed_at: 2025-03-12T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.45
- calibrated_materiality_score: 0.45
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1885336/000121390025023289/0001213900-25-023289-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1885336/000121390025023289/ea0234178-8k_formation.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-25-023289
- JSON: https://secwatch.observer/filing/0001213900-25-023289.json
- Plain text: https://secwatch.observer/filing/0001213900-25-023289.txt

## Key facts
- Debt Financings
  FORMATION MINERALS, INC. incurred loan of $60,000 principal amount, issued at $50,000 purchase price with $10,000 original issue discount with Alumni Capital, LP at 10% per annum from issue date; 22% default rate on past due amounts maturing May 5, 2025.
  - Instrument: loan
  - Principal: $60,000 principal amount, issued at $50,000 purchase price with $10,000 original issue discount
  - Counterparty: Alumni Capital, LP
  - Rate: 10% per annum from issue date; 22% default rate on past due amounts
  - Maturity: May 5, 2025
  - Event: incurrence
  source text: On March 5, 2025, (the "Issue Date") the Company issued and sold to Alumni Capital, LP, a Delaware limited partnership ("Alumni"), a Promissory Note (the "Alumni Note") in the principal amount of $60,000, for a purchase price of $50,000, reflecting an original issue discount of $10,000, which matures on May 5, 2025, pursuant to a Securities Purchase agreement (the "Alumni Purchase Agreement"), dated as of May 5, 2025, by and between the Company and Alumni.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1885336/000121390025023289/0001213900-25-023289-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.