TPT Global Tech [OTCQB:TPTW] Raise $2M in Bridge Funding Pays Off Largest Toxic Debt Fund

About this update from Tpt Global Tech, Inc.

[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / October 19, 2021 / TPT Global Tech, Inc. ("TPTW, the Company or TPT Global Tech") (OTCQB:TPTW) announced today that through its Investment Banking Firm Spartan Capital based in New York City the company raised $2,174,000 M USD bridge financing. Effective October 6, 2021, the Company consummated Securities Purchase Agreements with First Fire Global Opportunities Fund LLC ("First Fire"), Cavalry Investment Fund, LLC (Cavalry Investment Fund and Cavalry Fund 1, LLC ("Cavalry Fund 1") (all together referred to as "Investors") for the purchase of $2,174,000 convertible promissory notes ("Convertible Promissory Notes"). These Convertible Promissory Notes are due nine months from funding, have an original issue discount of 8% and interest rate at 10% per annum (default, as defined, at 24%). There is a mandatory conversion in the event a Nasdaq Listing prior to nine months from funding for which the Investors principal and interest balances will be converted at a price equal to 25% discount to the opening price on the first day the Company trades on Nasdaq. There is also a voluntary conversion of all principal and accrued interest at the discretion of the Investor at the lower of (1) 75% of the two lowest trade prices during the fifteen consecutive trading day period ending on the trading day immediately prior to the applicable conversion date or (2) discount to market based on subsequent financings with other investors. The Investors were given registration rights. The Convertible Promissory Notes may be prepaid in whole or in part of the outstanding balances at 115 % prior to maturity. 250,000,000 common shares of the Company have been reserved with the transfer agent for possible conversion. The use of proceeds will be for working capital and to pay off existing debt.Termination of a Material Definitive AgreementOn March 18, 2019, the Company issued to the Investor a convertible promissory note in the principal amount of $600,000.00 (the "Auctus Promissory Note") and Warrant Agreement (the "Auctus Warrant Agreement") pursuant to that certain securities purchase agreement dated March 18, 2019 (the "Auctus SPA") with Auctus Fund, LLC ("Auctus"). Pursuant to claims by Auctus that the Company had not complied with terms ...

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