Loan & DebtJul 23, 2026, 04:07 PM
GridAI Technologies Corp. Loans $2M to Pronghorn Resources via Convertible Note
AI Summary
GridAI Technologies Corp. has entered into a material definitive agreement by providing a $2,000,000 secured convertible promissory note to Pronghorn Resources, LLC. The note carries an annual interest rate of 7% and matures on December 31, 2026, or upon a Change of Control Transaction. In the event of default, GridAI has the option to convert the outstanding amount into 10% of Pronghorn's fully diluted capitalization. The loan is secured by all of Pronghorn's assets.
Key Highlights
- GridAI Technologies Corp. provided a $2,000,000 loan to Pronghorn Resources, LLC.
- The loan is structured as a Secured Convertible Promissory Note.
- The note bears an annual interest rate of 7%, calculated on a 360-day year.
- Maturity date is the earlier of December 31, 2026, or a Change of Control Transaction.
- Upon an Event of Default, GridAI can convert the loan into 10% of Pronghorn's fully diluted capitalization.
- The note is secured by a lien security interest in all of Pronghorn's assets.
Price Impact
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