Business
Limitless Venture Group, Inc. Announces it has entered into an MOU on its Senior Secured Convertible Promissory Note
Limitless Venture Group, Inc. Announces it has entered into an MOU on its Senior Secured Convertible Promissory Note.
About this update from Limitless Venture Group Inc.
[{"type":"text","content":" TULSA, OK / March 17, 2023 / 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 15, 2023, 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 MOU, which began on March 15, 2023, will run for 30 days. During such time Leonite will not execute any conversion of the balance due under the note using the Alternative Conversion Price, as described in Section 2.2 (a) of the Note. LVGI agrees that in exchange for the foregoing, Leonite shall be permitted during the MOU period, to convert the balance due under the Note at a fixed price of $.0005Commenting on the updated Note terms, Joseph Francella, LVGI CEO, stated “Once again we are pleased to give our shareholders transparency regarding our senior debt financing and pleased that Leonite is working with us. By agreeing to a fixed conversion price, we enable debt reduction with a clear floor on the price.” On the positive side, after a few setbacks, due to Amazon restructuring, our e-market program is up and running again. “We are very excited to continue our work with the G-Venture group as having a store that is producing revenue is a good thing for LVGI, now and into the future. If things develop as we planned, we would like to open one or maybe 2 more stores in the next 12-24 months, depending on the success of the existing store.” Expressed Devon Diaz, COO. If you would like to visit our Amazon store, please visit us at: https://tinyurl.com/2dyx2yekAbout Limitless Venture Group, Inc.Limitless Venture Group provides its shareholders with access to leading small and medium-sized businesses focused on growth. Leveraging its permanent capital base, disciplined long-term approach, and actionable expertise, LVGI owns controlling interests in its subsidiaries as it partners with management teams to build businesses with the capacity to unlock significant value for its shareholders.For more information, please visit: www.lvginc.com.The Company currently has three primary subsidiaries: Rokin, Inc., Limitless ...