TULSA, OK / ACCESSWIRE / March 3, 2022 / Limitless Venture Group, Inc. (OTC PINK:LVGI) ("LVGI" or the "Company"), a publicly traded holding company that provides its shareholders with access to investment opportunities in small and medium-sized businesses uniquely positioned for rapid growth announced that effective March 1st LVGI and Leonite Capital LLC ("Leonite") have agreed on amended terms for LVGI's Senior Secured Convertible Promissory Note ("Note") issued to Leonite on August 13, 2020. The amendment places the Note in a six-month forbearance period, during which Leonite may convert outstanding Note principal into newly issued LVGI Common Stock at a fixed price of $0.01 per 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 approximately $1.3 million, not including a $300,000 contingent forbearance fee that locks in the updated Note terms, but will be forgiven if the current outstanding balance is repaid within 18 months.
Limitless Venture Group, Inc. Announces Updated Terms of its Senior Secured Convertible Promissory Note
Mar 03, 2022
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