1vman
2 days ago
***** RUT ROH MJNA continues to pile on the toxic notes
On July 15, 2024 the Company issued a Senior Secured Convertible Note, face value
$50,000 (the “Note”), to a third party investor in exchange for $50,000 cash. The Note; (a) bears
interest at the rate of 5.25% per annum, payable annually beginning on July 15, 2025, (b) is
convertible at any time at the option of the holder into the Company's common stock at a
conversion price equal to the lesser of $0.00075 or 60% of the average of the two lowest closing
prices of the Company's common stock in the ten (10) trading days prior to any conversion, (c)
contains a blocking provision for conversions into common stock, which prevents the holder from
converting the note if after giving effect to such conversion the holder, along with their affiliates,
would own more than 9.9% of the Company's common stock, and (d) matures on July 15, 2034.
The Note is equal in rank with other senior secured creditors of the Company and the holder of
the Note agreed to be bound by the terms of the Intercreditor Agreement (see footnote 5 – “Notes
Payable” for a description of the Intercreditor Agreement). The Company used the $50,000
proceeds from the sale of the Note to purchase a $50,000 convertible note from Axim
Biotechnologies, Inc. (AXIM) pursuant to the Convertible Note Purchase Agreement (the “CVNP
Agreement”) between the Company and AXIM (see Footnote 8 - "Related Party Transactions",
MJNA is a horrible company
Best to the experienced investors
ENOUGH SAID