NovAccess Global Inc. announced that it has entered into a convertible loan agreement for the gross proceeds of $9,000 on May 31, 2024. The loan will have a free interest rate and will be convertible into common shares of the company at a conversion price of $0.11 per share. The loan does not have a specified due date, but is expected to be paid in full upon completion of the pending transaction with Sumner Global or other financing of at least $1.0 million.

If we default on the loan, it will bear interest at 10%. The transaction included participation from chairman of the board, John A. Cassarini.