Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
VIKING ENERGY GROUP, INC. incurred convertible notes of $800,000 with FK Venture LLC at 12% per annum maturing the earlier of earlier of July 1, 2025, or 90 days following the date that the Company completes a direct up-listing of its common stock to a national securitie.
- Instrument
- convertible notes
- Principal
- $800,000
- Counterparty
- FK Venture LLC
- Rate
- 12% per annum
- Maturity
- the earlier of earlier of July 1, 2025, or 90 days following the date that the Company completes a direct up-listing of its common stock to a national securitie
- Event
- incurrence
Exact text from the filing
May 5, 2023, and the Company agreed to issue to the Seller, convertible promissory notes (each such note a “ Note ”), with each Note having a minimum principal amount of $800,000 (for aggregate minimum funding to the Company of $4,800,000 under the SPA); and (ii) the Investor would have the right to purchase up to an aggregate of $9,600,000 in principal
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
VIKING ENERGY GROUP, INC. entered into SPA with FK Venture LLC valued at up to an aggregate of $9,600,000 in principal amount of Notes (effective 2023-05-05).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- FK Venture LLC
- Value
- up to an aggregate of $9,600,000 in principal amount of Notes
- Effective
- 2023-05-05
Exact text from the filing
Effective as of May 5, 2023, Viking Energy Group, Inc. (the “ Company ”) entered into a securities purchase agreement (the “ SPA ”) with FK Venture LLC, a Delaware limited liability company (the “ Investor ”), pursuant to which (i) the Investor agreed to purchase, by the fifth calendar day of each month for six months commencing May 5, 2023, and the Company agreed to issue to the Seller, convertible promissory notes (each such note a “ Note ”), with each Note having a minimum principal amount of $800,000 (for aggregate minimum funding to the Company of $4,800,000 under the SPA); and (ii) the Investor would have the right to purchase up to an aggregate of $9,600,000 in principal amount of Notes provided the Investor has purchased each Note monthly as required.
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