Eva Live signs $1.875M secured convertible note with Dune, issues 75,000 commitment shares

Eva Live Inc

Eva Live agreed to sell Dune Equity Holdings a 12% secured note of up to $1,875,000 principal for up to $1,575,000, with a $300,000 original issue discount.
First tranche: $937,500 principal for $787,500; net proceeds $747,500 after $40,000 withheld for Dune legal fees; 75,000 closing commitment shares issued.
Dune has sole discretion to fund optional $312,500 second tranche for $262,500 and $625,000 third tranche for $525,000, with $12,500 and $25,000 legal fee withholdings.
The note is convertible at $2.50 fixed, or 65% of the three lowest traded prices after default/failed amortization; 4.99% beneficial ownership cap; exchange cap 7,994,828 shares.
Security agreement grants Dune collateral junior to Streeterville Capital's senior secured debt; Eva Live must seek shareholder approval within 90 days and get D&O insurance within 60 days.

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