VIP Play, Inc. (VIPZ): debt financing — KeyStar Corp. issues $1.6M promissory note to related party Excel, with warrant for 1.6M shares at $0.25

VIP Play, Inc.

Principal $1.6M, flat fee $160k, maturity Nov 4, 2023; prepayment before Aug 4 reduces fee to $140k.
Excel controlled by Bruce Cassidy (Secretary and sole board member); transaction is a related party deal.
Warrant to purchase 1.6M shares at $0.25/share, exercisable through May 4, 2028, on cash or cashless basis.
Note is unsecured; default triggers 25% annual interest on unpaid principal.
Warrant issued under Rule 506(b)/Section 4(a)(2) exemption; Excel is an accredited investor.

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

VIP Play, Inc. incurred loan of $1,600,000 with Excel Family Partners, LLLP at twenty-five percent (25%) per annum maturing 2023-11-04.

Instrument: loan
Principal: $1,600,000
Counterparty: Excel Family Partners, LLLP
Rate: twenty-five percent (25%) per annum
Maturity: 2023-11-04
Event: incurrence

Exact text from the filing

On May 5, 2023, KeyStar Corp., a Nevada corporation (the “ Company ,” “ we ” or “ our ”), entered into a Promissory Note with Excel Family Partners, LLLP, a Florida limited liability limited partnership (“ Excel ”) in the principal amount of $1,600,000 (the “ Note ”).

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222 debt financings filed in the last 30 days. Browse all debt financings →

VIP Play, Inc. filing history →

Source: SEC EDGAR

accession 0001393905-23-000212

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