Hempacco Co., Inc.: debt financing — Hempacco raises $341K via convertible note and warrants from Mast Hill Fund

Hempacco Co., Inc.

Issued $379,288.88 principal convertible promissory note with 10% annual interest, maturing in 12 months.
Net proceeds of $308,051.20 after legal and broker fees; note convertible at $2.30/share with default adjustments.
Also issued warrants to purchase 113,786 shares at $2.30, cashless exercise, 5-year term.
This is the third tranche of a broader $1.226M note and 367,800 warrant financing disclosed earlier.
Funds must be used for purchase orders, business development, and operating capital only.

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

Hempacco Co., Inc. incurred convertible notes of $379,288.88 with Mast Hill Fund, L.P. at 10% per annum maturing 12 months following the issue date.

Instrument: convertible notes
Principal: $379,288.88
Counterparty: Mast Hill Fund, L.P.
Rate: 10% per annum
Maturity: 12 months following the issue date
Event: incurrence

Exact text from the filing

the Company sold, and Mast Hill purchased, (i) a convertible promissory note in the principal amount of $379,288.88

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

Hempacco Co., Inc. entered into SPA with Mast Hill Fund, L.P. valued at $379,288.88 (effective 2024-04-24).

Action: entry
Agreement: equity purchase
Counterparty: Mast Hill Fund, L.P.
Value: $379,288.88
Effective: 2024-04-24

Exact text from the filing

Effective April 24, 2024, Hempacco Co., Inc. (the “ Company ”), entered into a securities purchase agreement (the “ SPA ”) with Mast Hill Fund, L.P., a Delaware limited partnership (“ Mast Hill ”), pursuant to which the Company sold, and Mast Hill purchased, (i) a convertible promissory note in the principal amount of $379,288.88 (the “ Note ”), and (ii) warrants to purchase 113,786 shares of Company common stock (the “ Warrants ”), for an aggregate purchase price of $341,360

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

Source: SEC EDGAR

accession 0001477932-24-002431

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