RiskOn International, Inc.: debt financing — BitNile Metaverse raises $5.5M via senior secured convertible notes and warrants

RiskOn International, Inc.

Gross proceeds $5.5M from $6.875M face value of senior secured convertible notes maturing April 27, 2024.
Notes convertible at $0.1091/share (floor $0.0168); investors also received 5-year warrants for ~63M shares at $0.1091.
Notes secured by all company assets and subsidiaries, including BitNile.com; registration rights granted.
Proceeds to fund marketing, subsidiary spinoffs, and general working capital.

item 1.01 item 2.03 item 3.02 item 7.01 item 9.01

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

RiskOn International, Inc. incurred senior notes of $6,875,000 with certain accredited investors at bear no interest (unless an event of default occurs) as they were issued with an maturing April 27, 2024.

Instrument: senior notes
Principal: $6,875,000
Counterparty: certain accredited investors
Rate: bear no interest (unless an event of default occurs) as they were issued with an
Maturity: April 27, 2024
Event: incurrence

Exact text from the filing

The Notes have a principal face amount of $6,875,000 and bear no interest (unless an event of default occurs) as they were issued with an original issuance discount. The maturity date of the Notes is April 27, 2024.

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

RiskOn International, Inc. entered into Securities Purchase Agreement with certain accredited investors valued at $6,875,000 (effective 2023-04-27).

Action: entry
Agreement: equity purchase
Counterparty: certain accredited investors
Value: $6,875,000
Effective: 2023-04-27

Exact text from the filing

On April 27, 2023 (the “ Closing Date ”), BitNile Metaverse, Inc., a Nevada corporation (the “ Company ”) entered into a Securities Purchase Agreement (the “ SPA ”) with certain accredited investors (the “ Investors ”) providing for the issuance of (i) Senior Secured Convertible Notes (individually, a “ Note ” and collectively, the “ Notes ”) with an aggregate principal face amount of $6,875,000

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Source: SEC EDGAR

accession 0001214659-23-006116

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