Innovation1 Biotech Inc.: debt financing — Innovation1 Biotech raises $150k via secured convertible notes and warrants

Innovation1 Biotech Inc.

Gross proceeds of $150,000 from $176,472 principal notes at 8% interest, mature Jan 6, 2025.
2,205,882 common stock purchase warrants issued at exercise price of $0.08 per share.
Notes convertible into common stock at $0.08 per share, with 4.99% beneficial ownership limit.
Transaction exempt from registration under Rule 506(b) of Securities Act.

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

Innovation1 Biotech Inc. incurred convertible notes of $176,472 with three lenders (the “Purchasers”) at 8% per annum maturing January 6, 2025.

Instrument: convertible notes
Principal: $176,472
Counterparty: three lenders (the “Purchasers”)
Rate: 8% per annum
Maturity: January 6, 2025
Event: incurrence

Exact text from the filing

On December 7, 2023, Innovation1 Biotech Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Agreement”) with three lenders (the “Purchasers”), pursuant to which the Company issued and sold the Purchasers Original Issue Discount Secured Convertible Promissory Notes in the principal amount of $176,472 (collectively, the “Notes”) for gross proceeds of $150,000.

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

Innovation1 Biotech Inc. entered into Securities Purchase Agreement with three lenders (the "Purchasers") valued at $176,472 (effective 2023-12-07).

Action: entry
Agreement: equity purchase
Counterparty: three lenders (the "Purchasers")
Value: $176,472
Effective: 2023-12-07

Exact text from the filing

On December 7, 2023, Innovation1 Biotech Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Agreement”) with three lenders (the “Purchasers”), pursuant to which the Company issued and sold the Purchasers Original Issue Discount Secured Convertible Promissory Notes in the principal amount of $176,472

View on SEC.gov

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Source: SEC EDGAR

accession 0001477932-23-009118

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