Pineapple Financial Inc. (PAPL): debt financing — Pineapple Financial enters $15M equity purchase agreement, $300K convertible note with warrants

Pineapple Financial Inc.

Equity purchase agreement with Brown Stone Capital for up to $15M of common shares; 200,000 commitment fee shares issued.
Issued $300,000 convertible promissory note at 8% interest, 24-month maturity, convertible into common shares.
Warrants to purchase 1,000,000 common shares at $5 per share, 9-month term.
Registration rights agreement filed; unregistered sales under Section 4(a)(2) and Rule 506(b).

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

Pineapple Financial Inc. incurred convertible notes of $300,000 with Brown Stone Capital Ltd. at 8% per annum maturing twenty four (24) months from the date of the issuance.

Instrument: convertible notes
Principal: $300,000
Counterparty: Brown Stone Capital Ltd.
Rate: 8% per annum
Maturity: twenty four (24) months from the date of the issuance
Event: incurrence

Exact text from the filing

the Company has agreed to sell to the Investor a convertible promissory note (the “Note”) in the aggregate principal amount of $300,000, with an 8% per annum interest rate and a maturity date of twenty four (24) months from the date of the issuance.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Pineapple Financial Inc. entered into Registration Rights Agreement with Brown Stone Capital Ltd. valued at register the EPA Shares (effective 2024-05-10).

Action: entry
Counterparty: Brown Stone Capital Ltd.
Value: register the EPA Shares
Effective: 2024-05-10

Exact text from the filing

In relation to the EPA Shares the Company has entered into a registration rights agreement dated May 10, 2024 (the “RRA”) with the Investors, requiring the Company to register the EPA Shares issued under the EPA.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Pineapple Financial Inc. entered into Securities Purchase Agreement with Brown Stone Capital Ltd. valued at convertible promissory note in aggregate principal amount of $300,000 with 8% interest, warrants to (effective 2024-05-10).

Action: entry
Agreement: notes offering
Counterparty: Brown Stone Capital Ltd.
Value: convertible promissory note in aggregate principal amount of $300,000 with 8% interest, warrants to
Effective: 2024-05-10

Exact text from the filing

Concurrently, on May 10, 2024, the Company entered into a securities purchase agreement (the “SPA” and together with the EPA and the RRA as the “Agreements”) with the Investor, pursuant to which the Company has agreed to sell to the Investor a convertible promissory note (the “Note”) in the aggregate principal amount of $300,000, with an 8% per annum interest rate and a maturity date of twenty four (24) months from the date of the issuance.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Pineapple Financial Inc. entered into Equity Purchase Agreement with Brown Stone Capital Ltd. valued at up to $15,000,000 of common shares (effective 2024-05-10).

Action: entry
Agreement: equity purchase
Counterparty: Brown Stone Capital Ltd.
Value: up to $15,000,000 of common shares
Effective: 2024-05-10

Exact text from the filing

On May 10, 2024, Pineapple Financial Inc. (the “Company”) entered into an equity purchase agreement (the “EPA”) with Brown Stone Capital Ltd., a corporation organized under the laws of England and Wales (the “Investor”) pursuant to which the Company shall issue and sell to the Investor, from time to time as provided herein, and the Investor shall purchase up to Fifteen Million Dollars ($15,000,000.00) of the Company’s common shares and issue 200,000 Company’s common shares as a commitment fee under the EPA to the Investor (collectively as the “EPA Shares”) at purchase price to be determined as per the terms and conditions of the EPA.

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310 debt financings filed in the last 30 days. Browse all debt financings →

Pineapple Financial Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-020293

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