Star Alliance signs $25M line of credit with convertible commitment note

Star Alliance International Corp.

Up to $25,000,000 in multiple advances of up to $25,000 each, 60-day term per advance, secured by all assets.
Issued $500,000 convertible promissory note as commitment consideration, convertible on similar terms.
Initial Note convertible at 75% of avg of two lowest intraday prices over 20 trading days before conversion; 4.99% cap.
Covenants restrict share issuance below conversion price for 2 years and additional debt >$100,000 without majority approval.
Default interest at 18% per annum; subsequent Notes convertible only upon default.

Key facts

Extracted from this filing and checked against the source text.

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

Star Alliance International Corp. entered into Line of Credit Agreement with a line of credit investor valued at up to $25,000,000 (effective 2024-05-15).

Action: entry
Agreement: credit facility
Counterparty: a line of credit investor
Value: up to $25,000,000
Effective: 2024-05-15

Exact text from the filing

On May 15, 2024, Star Alliance International Corp. (the “Company”) entered into a Line of Credit Agreement (the “Agreement”) with a line of credit investor (the “Investor”).

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Source: SEC EDGAR

accession 0001683168-24-003623

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