KWM and Anson reach convertible note agreement, with 80% of the first $15.00 million in financing used to purchase Bitcoin

Korean media group K Wave Media (Nasdaq: KWM), listed on Nasdaq, has announced a convertible note agreement with Anson Funds. Anson has agreed to provide financing of up to $500 million, with KWM using at least 80% of the net proceeds to purchase Bitcoin ($BTC). The first tranche of financing will involve the issuance and sale of $15.000 million worth of senior secured convertible notes and warrants to Anson Investments Master Fund, LP and Anson East Master Fund LP, pursuant to a securities purchase agreement. The company will receive $15.000 million in gross proceeds from this offering before deducting placement agent fees and other issuance expenses payable by the company. Under the purchase agreement, the company must use at least 80% of the net proceeds from the sale of the notes and warrants specifically to purchase Bitcoin ($BTC). [Foresight News]