Cannabis Bioscience International enters $66K convertible note with 1800 Diagonal Lending LLC

Cannabis Bioscience International Holdings, Inc.

Principal $66,000; net proceeds $50,000 after OID ($11,000), interest charge ($8,580), and $5,000 fees.
Repayment in 5 installments: $37,290 on Sep 15, 2024, then $9,322.50 monthly through Jan 15, 2025.
Upon default, note convertible at 65% of lowest trading price over prior 10 trading days.
Company must reserve 3x shares issuable upon conversion; initial reserve 435,164,835 shares.
Breach of representations or covenants triggers event of default; 150% liquidated damages.

Key facts

Extracted from this filing and checked against the source text.

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

Cannabis Bioscience International Holdings, Inc. entered into Securities Purchase Agreement with 1800 Diagonal Lending LLC valued at $66,000 (effective 2024-03-14).

Action: entry
Agreement: equity purchase
Counterparty: 1800 Diagonal Lending LLC
Value: $66,000
Effective: 2024-03-14

Exact text from the filing

On March 14, 2024, the Registrant and 1800 Diagonal Lending LLC, a Virginia limited liability company, entered into a Securities Purchase Agreement (the “SPA”), under which the Registrant agreement to make, and the Lender agreed to purchase a promissory note, dated as of March 14, 2024, in the principal amount of $66,000 (the “Note”).

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Cannabis Bioscience International Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001683168-24-001817

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