secwatch.observer — SEC 8-K summary
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Issuer:     Mag Magna Corp (MGNC)
CIK:        0001949864
Form:       8-K
Filed at:   2026-06-05T10:00:27+00:00
Accession:  0001683168-26-004573
Event type: debt
Sentiment:  negative
Materiality: 0.65
Item codes: 1.01, 2.03, 3.02, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Mag Magna issues $463K in convertible notes to three investors; forms board committees
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- Issued $170K 6% convertible note to CFI Capital on Apr 1; net proceeds $153K after OID.
- Issued $170K 6% convertible note to Silvercrest Hybrid on Apr 29; net $153K after OID.
- Issued $123.3K 12% convertible note to GW Capital on May 6; net $111K after OID.
- Conversion at 60% of lowest traded price over 20 days; default price drops to 45%.
- Proceeds used for general working capital; also formed Executive and Audit Committees.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1949864/000168316826004573/0001683168-26-004573-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1949864/000168316826004573/magmagna_8k.htm
  HTML page:      https://secwatch.observer/filing/0001683168-26-004573

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer