Novo Integrated Sciences, Inc.: debt financing — Novo Integrated Sciences issues $277,778 promissory note to FirstFire at 12%, with conversion discount

Novo Integrated Sciences, Inc.

Issued 12% promissory note for $277,777.77 principal (OID $27,777.77); net proceeds $250,000.
Maturity date September 18, 2024; holder may convert at lesser of $0.45 or 91.5% of lowest VWAP over five trading days.
Amortization payments begin December 18, 2023; failure triggers conversion at 85% of VWAP.
Default triggers immediate payment of principal plus accrued interest multiplied by 125% and default interest at 16%.
Subsidiary Acenzia Inc. guaranteed the note with a junior security interest on its Tecumseh, Ontario property.

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

Novo Integrated Sciences, Inc. incurred loan of $277,777.77 with FirstFire Global Opportunities Fund, L.P. at 12% per annum maturing September 18, 2024.

Instrument: loan
Principal: $277,777.77
Counterparty: FirstFire Global Opportunities Fund, L.P.
Rate: 12% per annum
Maturity: September 18, 2024
Event: incurrence

Exact text from the filing

On September 18, 2023, Novo Integrated Sciences, Inc. (the “Company”) entered into a securities purchase agreement (the “SPA”) with FirstFire Global Opportunities Fund, L.P., a Delaware limited liability company (the “Holder”), pursuant to which the Company issued an 12% promissory note (the “Note”) with a maturity date of September 18, 2024 (the “Maturity Date”), in the principal sum of $277,777.77 (the “Principal Sum”).

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

Novo Integrated Sciences, Inc. entered into Securities Purchase Agreement with FirstFire Global Opportunities Fund, L.P. valued at principal sum of $277,777.77 (effective 2023-09-18).

Action: entry
Agreement: notes offering
Counterparty: FirstFire Global Opportunities Fund, L.P.
Value: principal sum of $277,777.77
Effective: 2023-09-18

Exact text from the filing

On September 18, 2023, Novo Integrated Sciences, Inc. (the “Company”) entered into a securities purchase agreement (the “SPA”) with FirstFire Global Opportunities Fund, L.P., a Delaware limited liability company (the “Holder”), pursuant to which the Company issued an 12% promissory note (the “Note”) with a maturity date of September 18, 2024 (the “Maturity Date”), in the principal sum of $277,777.77 (the “Principal Sum”).

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Source: SEC EDGAR

accession 0001493152-23-033457

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