Treasure Global signs up to $5.5M convertible debt facility; initial $2M drawn

TREASURE GLOBAL INC

Issued $2M convertible debenture at 92% of face value; second $3.5M tranche subject to SEC registration and shareholder approval.
Convertible at lower of $1.6204 fixed price or 93% of 10-day VWAP, floor $0.25; 4% interest, 12-month term.
Proceeds to fund product development, working capital, and general corporate purposes.
EF Hutton acted as exclusive placement agent.
Exchange cap of 3,455,894 shares unless stockholder approval obtained; monthly conversion limited to 25% of dollar volume or $1.1M.

Key facts

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

TREASURE GLOBAL INC entered into Securities Purchase Agreement with YA II PN, Ltd. valued at Aggregate principal amount of up to $5,500,000.00 in unsecured convertible debentures (effective 2023-02-28).

Action: entry
Agreement: notes offering
Counterparty: YA II PN, Ltd.
Value: Aggregate principal amount of up to $5,500,000.00 in unsecured convertible debentures
Effective: 2023-02-28

Exact text from the filing

On February 28, 2023, Treasure Global Inc, a Delaware corporation (the “ Company ”), entered into a Securities Purchase Agreement (the “ Securities Purchase Agreement ”) with YA II PN, Ltd., a Cayman Islands exempt limited partnership (the “ Buyer ”), pursuant to which the Buyer subject to certain closing conditions, agreed to purchase two unsecured convertible debentures (the “ Convertible Debentures ”), in the aggregate principal amount of up to $5,500,000.00 in a private placement (the “ Private Placement ”) for a purchase price with respect to each Convertible Debenture of 92% of the initial principal amount of such Convertible Debenture.

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Source: SEC EDGAR

accession 0001575872-23-000312

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