Novo Integrated Sciences, Inc.: debt financing — Novo Integrated Sciences issues $573K unsecured note and warrants to FirstFire Global

Novo Integrated Sciences, Inc.

Issued 12% unsecured promissory note for $573K principal ($515.7K net after $57.3K OID) due March 21, 2024.
Issued warrant to purchase up to 1M shares at $0.25/share for five years; note convertible at $0.175/share.
Issued 955,000 restricted commitment shares as additional consideration for the financing.
Amortization payments begin Sept 21, 2023; default triggers 125% penalty and 16% default interest.
Total share issuance limited to 10M shares unless shareholder approval is obtained.

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

Novo Integrated Sciences, Inc. incurred convertible notes of $573,000 with FirstFire Global Opportunities Fund, LLC at 12% per annum maturing March 21, 2024.

Instrument: convertible notes
Principal: $573,000
Counterparty: FirstFire Global Opportunities Fund, LLC
Rate: 12% per annum
Maturity: March 21, 2024
Event: incurrence

Exact text from the filing

On March 21, 2023, Novo Integrated Sciences, Inc., a Nevada corporation (the "Company") entered into a securities purchase agreement (the "SPA") with FirstFire Global Opportunities Fund, LLC, a Delaware limited liability company (the "Holder"), pursuant to which the Company issued an 12% unsecured promissory note (the "Note") with a maturity date of March 21, 2024 (the "Maturity Date"), in the principal sum of $573,000 (the "Principal Sum").

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 1.0

Novo Integrated Sciences, Inc. entered into SPA with FirstFire Global Opportunities Fund, LLC valued at $573,000 (effective 2023-03-21).

Action: entry
Agreement: equity purchase
Counterparty: FirstFire Global Opportunities Fund, LLC
Value: $573,000
Effective: 2023-03-21

Exact text from the filing

On March 21, 2023, Novo Integrated Sciences, Inc., a Nevada corporation (the “Company”) entered into a securities purchase agreement (the “SPA”) with FirstFire Global Opportunities Fund, LLC, a Delaware limited liability company (the “Holder”), pursuant to which the Company issued an 12% unsecured promissory note (the “Note”) with a maturity date of March 21, 2024 (the “Maturity Date”), in the principal sum of $573,000 (the “Principal Sum”).

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Source: SEC EDGAR

accession 0001493152-23-009020

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