---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-030546"
form_type: "8-K"
ticker: "VIPZ"
cik: "0001832161"
company_name: "VIP Play, Inc."
filed_at: "2023-08-29T23:59:59+00:00"
generated_at: "2026-06-11T02:29:47.726095+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# KeyStar Corp. raises $700k in convertible notes as part of up to $2M offering

## Summary
- 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).

## SEC filing metadata
- accession: 0001493152-23-030546
- form_type: 8-K
- ticker: VIPZ
- cik: 0001832161
- company_name: VIP Play, Inc.
- filed_at: 2023-08-29T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1832161/000149315223030546/0001493152-23-030546-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1832161/000149315223030546/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-030546
- JSON: https://secwatch.observer/filing/0001493152-23-030546.json
- Plain text: https://secwatch.observer/filing/0001493152-23-030546.txt

## Key facts
- Debt Financings
  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
  source text: 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 ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832161/000149315223030546/0001493152-23-030546-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.