Limitless Venture amends terms for senior secured convertible promissory note

Mar. 03, 2022 9:26 AM ETLVGIBy: Jessica Kuruthukulangara, SA News Editor
  • Limitless Venture (OTCPK:LVGI) and Leonite Capital agreed on amended terms for LVGI's senior secured convertible promissory note issued to Leonite on Aug. 13, 2020.
  • The amendment places the note in a 6-month forbearance period, during which Leonite may convert outstanding note principal into newly issued LVGI stock at a fixed price of $0.01/share.
  • The amendment sets the note's interest rate for the forbearance period at the greater of 10% per annum or the U.S. Prime Rate (currently 3.25%) plus 6.75% and stops interest from accruing at a default rate of interest.
  • The current outstanding note principal is ~$1.3M, not including a $300K contingent forbearance fee that locks in the updated note terms, but will be forgiven if the current outstanding balance is repaid within 18 months.

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