Business
Limitless Venture Group, Inc. Announces Updated Terms of its Senior Secured Convertible Promissory Note
Limitless Venture Group, Inc. Announces Updated Terms of its Senior Secured Convertible Promissory Note.
About this update from Limitless Venture Group Inc.
[{"type":"text","content":"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.Commenting on the updated Note terms, Joseph Francella, LVGI CEO, stated "We are pleased to create a six-month period that we envision will enable our ongoing business growth to produce operating cash flows to service our Note principal and interest payment obligations. By agreeing to a fixed Note principal conversion price of $0.01 per share for the forbearance period, we strike a balance between enabling debt reduction through conversions without our issuing significantly more LVGI shares under previous Note terms." Regarding LVGI's relationship with Leonite, Francella said "Today is just more proof that LVGI and Leonite have agreed to work together for the benefit of LVGI and its shareholders, which demonstrates our commitment to work together and adapt to LVGI's needs as we grow and management our investment opportunities for a brighter future for all.About 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 interest...