Panacea repays $1.11M convertible note; CEO credit line raised to $5M

PANACEA LIFE SCIENCES HOLDINGS, INC.

Repaid $1,110,306.85 on Dec 21, 2022 to retire a 10% OID senior convertible note issued Nov 2021.
Original note had $1.1M principal, 10% discount, and warrants for 785,715 shares at $1.40/share.
Funding came from CEO line of credit, which was amended to increase borrowing capacity to $5M.
Note maturity was Nov 16, 2022; repayment satisfied all obligations under the Purchase Agreement.

Key facts

Extracted from this filing and checked against the source text.

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

PANACEA LIFE SCIENCES HOLDINGS, INC. entered into Securities Purchase Agreement with an institutional investor valued at $1,000,000 (effective 2021-11-16).

Action: entry
Agreement: equity purchase
Counterparty: an institutional investor
Value: $1,000,000
Effective: 2021-11-16

Exact text from the filing

On November 16, 2021, Panacea Life Sciences Holdings, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an institutional investor (the “Purchaser”) pursuant to which the Company sold a 10% original issue discount senior convertible promissory note in the principal amount of $1,100,000 (the “Note”) and five-year warrants to purchase 785,715 shares of the Company’s common stock, par value $0.0001 per share at an exercise price of $1.40 per share (the “Warrants”) pursuant to the terms and conditions of the SPA for a total purchase price of $1,000,000.

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Source: SEC EDGAR

accession 0001493152-22-036518

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