Foresight News reports that K Wave Media (NASDAQ: KWM), a South Korean media alliance listed on NASDAQ, announced a convertible note agreement with Anson Funds. Anson agreed to provide up to $500 million in financing, and KWM will use at least 80% of the net proceeds to purchase Bitcoin (BTC). The first tranche of financing will involve the issuance and sale of $15 million worth of priority secured convertible notes and warrants to Anson Investments Master Fund, LP and Anson East Master Fund LP according to the securities purchase agreement. After deducting placement agent fees and other issuance costs payable by the company, the total amount received by the company from this issuance will be $15 million. According to the purchase agreement, the company must use at least 80% of the net proceeds from the sale of the notes and warrants specifically for the purchase of Bitcoin (BTC).
Previously, the company announced a $500 million standby equity purchase agreement (SEPA) with Bitcoin Strategic Reserve, which will bring the total capital capacity of the company's financial plan to $1 billion. With the execution of the transaction, KWM has completed its first purchase of '88' BTC.
