Permex Petroleum Corp: debt financing — Permex Petroleum issues $500k convertible debentures and warrants

Permex Petroleum Corp

$500,000 offering of 10% senior secured convertible debentures with common share purchase warrants.
Maturity: earlier of 1 year or 3 months if no definitive M&A agreement within 3 months.
Conversion at $3.40 per share; warrants exercisable at $4.08 per share for 5 years.
Proceeds to be used for general working capital and potential mergers/acquisitions.
Debentures rank senior to all existing/future debt, secured by general security agreement.

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

Permex Petroleum Corp incurred convertible notes of $500,000 at 10% maturing the earlier of: (i) one-year from the date of issuance or (ii) three-months from the date of issuance if the Company does not enter into a securities exchange,.

Instrument: convertible notes
Principal: $500,000
Rate: 10%
Maturity: the earlier of: (i) one-year from the date of issuance or (ii) three-months from the date of issuance if the Company does not enter into a securities exchange,
Event: incurrence

Exact text from the filing

On April 16, 2024, Permex Petroleum Corporation (the “Company”) issued $500,000 in convertible debenture units (the “Units”) in a private placement offering (the “Offering”). Each Unit consists of one 10% Senior Secured Convertible Debenture (a “Debenture”) in the principal amount of US$1,000

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

Permex Petroleum Corp entered into 10% Senior Secured Convertible Debenture valued at $500,000 (effective 2024-04-16).

Action: entry
Agreement: notes offering
Value: $500,000
Effective: 2024-04-16

Exact text from the filing

Each Unit consists of one 10% Senior Secured Convertible Debenture (a “Debenture”) in the principal amount of US$1,000 and one Common Share Purchase Warrant (a “Warrant”).

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Source: SEC EDGAR

accession 0001493152-24-015515

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