Vitro Biopharma, Inc.: debt financing — Vitro Biopharma issues $100K 8% convertible note with warrants to accredited investor

Vitro Biopharma, Inc.

Sold $100,000 8% convertible promissory note to accredited investor; total proceeds $100,000.
Note matures in 5 years; converts at qualified financing (≥$5M) or change of control at discounted or capped price.
Capped price based on $200M pre-money valuation; discounted price is 75% of qualified financing price.
Warrants to purchase shares at $0.625/share for 5 years; holder may participate in future qualified financing up to 200% of note principal.
Securities sold under Rule 506 exempt registration; resale restrictions apply.

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

Vitro Biopharma, Inc. incurred convertible notes of $100,000 at eight per cent per year maturing five years from the date of issuance.

Instrument: convertible notes
Principal: $100,000
Rate: eight per cent per year
Maturity: five years from the date of issuance
Event: incurrence

Exact text from the filing

On July 13, 2023, Vitro Biopharma, Inc. (the “Company”) entered into definitive agreements with an accredited investor for the sale of an 8% convertible promissory note (the “Convertible Note”) in the principal amount of $100,000 and warrants to purchase shares of common stock of the Company (the “Warrants”) for total proceeds of $100,000.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Vitro Biopharma, Inc. entered into Convertible Note and Warrant Purchase Agreement with accredited investor valued at $100,000 convertible promissory note and warrants for total proceeds of $100,000 (effective 2023-07-13).

Action: entry
Agreement: credit facility
Counterparty: accredited investor
Value: $100,000 convertible promissory note and warrants for total proceeds of $100,000
Effective: 2023-07-13

Exact text from the filing

On July 13, 2023, Vitro Biopharma, Inc. (the "Company") entered into definitive agreements with an accredited investor for the sale of an 8% convertible promissory note (the "Convertible Note") in the principal amount of $100,000 and warrants to purchase shares of common stock of the Company (the "Warrants") for total proceeds of $100,000.

View on SEC.gov

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Source: SEC EDGAR

accession 0001493152-23-024935

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