Vivakor, Inc. (VIVK): debt financing — Vivakor issues $1.95M secured promissory note to Al Dali for RPC relocation to Kuwait

Vivakor, Inc.

Principal amount up to $1,950,000 at 15% interest; repayment from RPC operations.
Note secured by option to purchase 1M shares at $1.179/share and security interests in RPC.
Proceeds to refurbish and relocate RPC from Vernal, UT to Kuwait; $12/ton deducted from service fees for repayment.
Default penalty $5,000 per day added to principal amount.

item 1.01 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Vivakor, Inc. incurred loan of $1,950,000 with Al Dali International for Gen. Trading & Cont. Co. at 15%.

Instrument: loan
Principal: $1,950,000
Counterparty: Al Dali International for Gen. Trading & Cont. Co.
Rate: 15%
Event: incurrence

Exact text from the filing

On June 20, 2023, the Company issued a 15% secured promissory note (the “Note”) due as described below, to DIC, in the principal amount of up to $1,950,000

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

Vivakor, Inc. entered into Secured Promissory Note with Al Dali International for Gen. Trading & Cont. Co. valued at Up to $1,950,000 (effective 2023-06-20).

Action: entry
Counterparty: Al Dali International for Gen. Trading & Cont. Co.
Value: Up to $1,950,000
Effective: 2023-06-20

Exact text from the filing

On June 20, 2023, the Company issued a 15% secured promissory note (the “Note”) due as described below, to DIC, in the principal amount of up to $1,950,000 (the “Principal Amount”), in relation to the Services Agreement.

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10 debt financings filed in the last 30 days. Browse all debt financings →

Vivakor, Inc. filing history →

Source: SEC EDGAR

accession 0001829126-23-004384

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