debt
confidence high
sentiment negative
materiality 0.75
Marquie Group issues $38,880 convertible note at 12% with warrant for 776M shares
Transglobal Management Group, Inc.
- Issued convertible promissory note with face amount $38,880 to Quick Capital, LLC for net proceeds of $32,500 after legal fees.
- Note bears 12% interest, matures in 12 months, convertible at lower of $0.00005 or 50% of lowest trading price over prior 10 days.
- Also issued warrant to purchase 776,000,000 shares of common stock as additional consideration.
- Company has 16.19B shares outstanding; note and warrant could cause significant dilution.
- Transaction exempt from registration under Section 4(a)(2) and Rule 506(b); noteholder is accredited investor.