HALLMARK VENTURE GROUP, INC. (HLLK): debt financing — Hallmark Venture Group issues $50K convertible note to related party Selkirk Global Holdings

HALLMARK VENTURE GROUP, INC.

Issued $50K 10% convertible promissory note to Selkirk Global Holdings, LLC, a related party controlled by director Paul Strickland.
Note matures April 5, 2024, carries 10% original issue discount (OID), and is convertible at 55% of 20-day VWAP before conversion.
Proceeds used for direct payment of company expenses; prepayment allowed at 100% within 90 days, 150% from 91-180 days.
Conversion price includes discounts for DTC chill or non-DWAC status; default triggers increase to 150% of principal.
Transaction is a related-party financing with potential dilution for existing shareholders.

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

HALLMARK VENTURE GROUP, INC. incurred convertible notes of $50,000 with Selkirk Global Holdings, LLC at 10% maturing April 5, 2024.

Instrument: convertible notes
Principal: $50,000
Counterparty: Selkirk Global Holdings, LLC
Rate: 10%
Maturity: April 5, 2024
Event: incurrence

Exact text from the filing

On April 6, 2023, Hallmark Venture Group, Inc (the “Company”) issued a $50,000, 10% convertible promissory note to Selkirk Global Holdings, LLC (“Holder”), an entity controlled by the Company’s Secretary and Director, Paul Strickland (the “Note”). The Note matures April 5, 2024, has a 10% Original Issue Discount (OID) and is convertible into the Company’s common stock at a price equal to 55% of the average closing price of the Company’s common stock during the 20 consecutive trading days prior to the date on which the Holder elects to convert all or part of the Note.

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Source: SEC EDGAR

accession 0001493152-23-011646

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