VIP Play, Inc. (VIPZ): debt financing — KeyStar Corp. increases related-party credit line to $4M, issues warrant for 4M shares

VIP Play, Inc.

Entered Second Amended Note with Excel Family Partners (controlled by sole director Bruce Cassidy) increasing maximum principal from $2M to $4M.
Outstanding balance as of Feb 28, 2023: $3,776,876.51; interest at 15% fixed per annum.
Issued warrant to purchase 4,000,000 shares at $0.25 per share, exercisable through Feb 1, 2028.
Note is convertible at 80% of lowest recent price; lender may convert debt to common stock.
Note is non-revolving, discretionary, and due on demand; no committed line.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

VIP Play, Inc. amended revolving credit of not more than $4,000,000 with Excel Family Partners, LLLP at a fixed rate per annum equal to 15.0% maturing due and payable upon demand.

Instrument: revolving credit
Principal: not more than $4,000,000
Counterparty: Excel Family Partners, LLLP
Rate: a fixed rate per annum equal to 15.0%
Maturity: due and payable upon demand
Event: amendment

Exact text from the filing

On February 24, 2023, KeyStar Corp., a Nevada corporation (the “ Company ,” “ we ” or “ our ”), entered into a Second Amended and Restated Discretionary Non-Revolving Line Of Credit Demand Note with Excel Family Partners, LLLP, a Florida limited liability limited partnership (“ Excel ”) in the principal amount of not more than $4,000,000 (the “ Note ”).

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VIP Play, Inc. filing history →

Source: SEC EDGAR

accession 0001393905-23-000090

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