SIMPLICITY ESPORTS & GAMING Co: debt financing — Simplicity Esports issues two $16,500 convertible notes to Ionic Ventures and FirstFire Global Opportunities

SIMPLICITY ESPORTS & GAMING Co

Each note has $16,500 principal, $1,500 OID, net proceeds $15,000, 12% interest, matures July 8, 2023.
Conversion price $0.0175 per share; beneficial ownership limit 4.99% (waivable to 9.99% on 61 days' notice).
Proceeds for working capital; prepayment allowed with $660 interest guaranteed.
Both SPAs contain inadvertent warrant references; company will amend to remove them.

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

SIMPLICITY ESPORTS & GAMING Co incurred convertible notes of $16,500 with FirstFire Global Opportunities Fund LLC at 12% per annum maturing July 8, 2023.

Instrument: convertible notes
Principal: $16,500
Counterparty: FirstFire Global Opportunities Fund LLC
Rate: 12% per annum
Maturity: July 8, 2023
Event: incurrence

Exact text from the filing

the Company issued a 12% convertible promissory note to FirstFire (the "March 2023 FirstFire Note") with a maturity date of July 8, 2023, in the principal sum of $16,500

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

SIMPLICITY ESPORTS & GAMING Co incurred convertible notes of $16,500 with Ionic Ventures, LLC at 12% per annum maturing July 8, 2023.

Instrument: convertible notes
Principal: $16,500
Counterparty: Ionic Ventures, LLC
Rate: 12% per annum
Maturity: July 8, 2023
Event: incurrence

Exact text from the filing

the Company issued a 12% convertible promissory note to Ionic (the "March 2023 Ionic Note") with a maturity date of July 8, 2023, in the principal sum of $16,500

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

SIMPLICITY ESPORTS & GAMING Co entered into March 2023 Ionic SPA with Ionic Ventures, LLC (effective 2023-03-08).

Action: entry
Agreement: equity purchase
Counterparty: Ionic Ventures, LLC
Effective: 2023-03-08

Exact text from the filing

On March 8, 2023, Simplicity Esports and Gaming Company (the “Company”) entered into a securities purchase agreement (the “March 2023 Ionic SPA”), dated as of March 8, 2023, with Ionic Ventures, LLC (“Ionic”), pursuant to which the Company issued a 12% convertible promissory note to Ionic (the “March 2023 Ionic Note”) with a maturity date of July 8, 2023, in the principal sum of $16,500.

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

SIMPLICITY ESPORTS & GAMING Co entered into March 2023 FirstFire SPA with FirstFire Global Opportunities Fund LLC (effective 2023-03-08).

Action: entry
Agreement: equity purchase
Counterparty: FirstFire Global Opportunities Fund LLC
Effective: 2023-03-08

Exact text from the filing

On March 8, 2023, the Company entered into a securities purchase agreement (the “March 2023 FirstFire SPA”), dated as of March 8, 2023, with FirstFire Global Opportunities Fund LLC (“FirstFire”), pursuant to which the Company issued a 12% convertible promissory note to FirstFire (the “March 2023 FirstFire Note”) with a maturity date of July 8, 2023, in the principal sum of $16,500.

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Source: SEC EDGAR

accession 0001493152-23-012910

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