Loan & DebtOct 28, 2026, 05:06 PM
GridAI Loans $5M to Pronghorn Resources, Secures Assets
AI Summary
GridAI Technologies Corp. has entered into a material definitive agreement by advancing an additional $1.5 million to Pronghorn Resources, LLC, bringing the total loan amount to $5 million under a Third Amended and Restated Secured Convertible Note. The note matures on December 31, 2026, or upon a change of control. In case of default, GridAI has the option to convert the outstanding amount into 10% of Pronghorn's fully diluted capitalization. The loan is secured by Pronghorn's assets.
Key Highlights
- GridAI Technologies Corp. advanced an additional $1.5M to Pronghorn Resources, LLC, bringing the total loan to $5M.
- The Third Amended and Restated Secured Convertible Note matures on December 31, 2026, or upon a Change of Control Transaction.
- GridAI has the option to convert the outstanding loan amount into 10% of Pronghorn's fully diluted capitalization upon an Event of Default.
- Interest accrues at 7% annually on the Payment Amount from the Maturity Date, payable in cash.
- The loan is secured by Pronghorn's assets through a Third Amendment to the Security Agreement.
Price Impact
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