Loan & DebtAug 11, 2026, 05:18 PM
Barrel Energy Secures $125K Net Cash from Note, $5M Equity Facility
AI Summary
Barrel Energy Inc. closed financing transactions with Coventry Enterprises, LLC, securing a $150,000 promissory note for a net cash proceed of $125,000 after discounts and expenses. Additionally, the company entered into an Equity Purchase Agreement, providing access to up to $5,000,000 in common stock purchases over 36 months. The agreements also include the issuance of commitment shares and a pre-funded warrant.
Key Highlights
- Secured $150,000 promissory note with Coventry Enterprises, LLC.
- Received net cash proceeds of $125,000 from the note after discounts and expenses.
- Note includes $15,000 guaranteed interest, payable in 12 monthly installments of $13,750.
- Established an Equity Purchase Facility for up to $5,000,000 over 36 months.
- Issued 5,000,000 commitment shares for the equity purchase facility.
- Issued 44,860,348 shares and a pre-funded warrant for 5,139,652 shares for the note financing.
- Company to file a registration statement by October 12, 2026, for registrable securities.
Price Impact
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