NovAccess Global announces $10.7M financing

NovAccess Global entered into a securities purchase agreement with an affiliate of Sumner Global for a total financing of $10.7M. Pursuant to the agreement, Sumner agreed to purchase 33M newly issued shares of the Company’s unregistered common stock at 11c per share, for a $3.63M cash investment payable on or before January 31, 2024, subject to a financing contingency. In addition, Sumner agreed to make an additional investment of $7.05M in the form of a convertible note in two tranches, with $3.05M on February 15, 2024, and the remaining $4M on March 15, 2024, subject to a financing contingency. These notes are convertible into common shares at 11c per share.