SciSparc Ltd. (SPRC) has established a $10 million convertible note facility with an institutional investor, including an initial $2.5 million note and attached three-year warrants. The funds are designated for working capital and general corporate purposes, with the option for additional tranches every three months. These notes bear 4% annual interest and are convertible into ordinary shares, which could lead to future equity dilution.
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SciSparc Sets Up $10 Million Convertible Note Facility With Warrants
SciSparc Ltd. (SPRC) has established a $10 million convertible note facility with an institutional investor, including an initial $2.5 million note and attached three-year warrants. The funds are designated for working capital and general corporate purposes, with the option for additional tranches every three months. These notes bear 4% annual interest and are convertible into ordinary shares, which could lead to future equity dilution.