VIP Play, Inc. (VIPZ): debt financing — KeyStar restructures debt: converts $10.4M to shares, reduces note to $2M max

VIP Play, Inc.

Converted $10,366,653 of debt under former note into 25,916,632 shares at $0.40/share; outstanding shares rise to 67,821,632.
New $2M demand note from Excel (controlled by sole director) bears 15% interest; no committed line.
$1,540,000 of principal assigned to eight third parties and also converted into 3,850,000 shares.
Outstanding debt after conversion reduced to $1,135,000; note may be converted at 80% of lowest recent price.
Note automatically accelerates on default with 2% interest penalty.

item 1.01 item 2.03 item 1.02 item 3.02 item 9.01

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

VIP Play, Inc. incurred credit facility of principal amount of not more than $2,000,000 with Excel Family Partners, LLLP at fixed rate per annum equal to 15.0% maturing upon demand.

Instrument: credit facility
Principal: principal amount of not more than $2,000,000
Counterparty: Excel Family Partners, LLLP
Rate: fixed rate per annum equal to 15.0%
Maturity: upon demand
Event: incurrence

Exact text from the filing

On December 29, 2023, KeyStar Corp., a Nevada corporation (the “ Company, ” “ we ” or “ our ”), entered into a Fifth Amended and Restated Discretionary Non-Revolving Line Of Credit Demand Note with Excel Family Partners, LLLP, a Florida limited liability limited partnership (“ Excel ”) in the principal amount of not more than $2,000,000 (the “ Note ”).

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VIP Play, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-001027

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