Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
NetBrands Corp. incurred convertible notes of $187,777 with Cove Funding LP at 12% per annum maturing July 21, 2024.
- Instrument
- convertible notes
- Principal
- $187,777
- Counterparty
- Cove Funding LP
- Rate
- 12% per annum
- Maturity
- July 21, 2024
- Event
- incurrence
Exact text from the filing
issued Cove Funding a 12% Senior Secured Convertible Promissory Note (the “Convertible Note”) to evidence the Cove Loan. The initial principal amount of the Convertible Note is $187,777 (the “First Tranche”), from which the Company received net proceeds of $150,000 (after deducting a 5% commitment fee, a 5% diligence fee, and Cove Funding’s fees and
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
NetBrands Corp. entered into Securities Purchase Agreement with Cove Funding LP valued at up to $300,000 (effective 2024-03-22).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Cove Funding LP
- Value
- up to $300,000
- Effective
- 2024-03-22
Exact text from the filing
On March 22, 2024 (the “Closing Date”), NetBrands Corp., a Delaware corporation (the “Company”), entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Cove Funding LP, a Delaware limited partnership (“Cove Funding”), pursuant to which Cove Funding agreed to loan the Company up to $300,000, in two tranches (the “Cove Loan”), and the Company issued Cove Funding a 12% Senior Secured Convertible Promissory Note (the “Convertible Note”) to evidence the Cove Loan.
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