secwatch.observer — SEC 8-K summary
======================================

Issuer:     FORMATION MINERALS, INC. (—)
CIK:        0001885336
Form:       8-K
Filed at:   2025-03-12T23:59:59+00:00
Accession:  0001213900-25-023289
Event type: debt
Sentiment:  neutral
Materiality: 0.45
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1885336/000121390025023289/0001213900-25-023289-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1885336/000121390025023289/ea0234178-8k_formation.htm
  HTML page:      https://secwatch.observer/filing/0001213900-25-023289

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer