VIP Play, Inc. (VIPZ): debt financing — KeyStar Corp. raises $700k in convertible notes as part of up to $2M offering

VIP Play, Inc.

Issued $200k note to Rick Hackel and $500k note to Dennis Colletti; total offering up to $2M.
Notes carry 12% annual interest, paid monthly; principal due in one-year balloon payment.
Conversion price at 80% of lowest common stock sale price (or $1 if no sales during period).
Proceeds to raise reserve funds required to cover increases in wagers.
No prepayment right; notes exempt from registration under Section 4(a)(2) and Rule 506(b).

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

VIP Play, Inc. incurred convertible notes of $200,000 for Hackel Note and $500,000 for Colletti Note, part of a $2,000,000 aggregate offering with Rick Hackel; Dennis Colletti at 12% per annum maturing one year from issuance date.

Instrument: convertible notes
Principal: $200,000 for Hackel Note and $500,000 for Colletti Note, part of a $2,000,000 aggregate offering
Counterparty: Rick Hackel; Dennis Colletti
Rate: 12% per annum
Maturity: one year from issuance date
Event: incurrence

Exact text from the filing

On August 23, 2023, KeyStar Corp., a Nevada corporation (the “ Company, ” “ we ” or “ our ”), entered into a Convertible Note Purchase Agreement (the “ Purchase Agreement ”) and a Convertible Promissory Note with Rick Hackel (“ Hackel ”) in the principal amount of $200,000 (the “ Hackel Note ”). On August 28, 2023, we entered into a Purchase Agreement and a Convertible Promissory Note with Dennis Colletti (together with Hackel, “ Investors ”) in the principal amount of $500,000 (together with the Hackel Note, the “ Notes ”).

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VIP Play, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-030546

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