NovAccess Global Inc. announced that it has entered into an definitive agreement with new investor Sumner Capital Pty Ltd. to issue 33 million unregistered common stock at a price of $0.11 per share for the gross proceeds of $3.63 million and convertible loan for the gross proceeds of $7.05 million; for aggregate total gross proceeds of $10,680,000 on September 1, 2023. The shares would be acquired in two tranches, with the first $200,200 upon signing a more complete definitive agreement and the remaining $3.43 million at a closing to be held by December 31, 2023. The loans would also be made in two tranches, with $3.05 million on December 31, 2023 and the remaining $4 million on March 15, 2024.

The loans would have a five-year term and bear interest at 10% a year, and would be convertible into common shares at $0.11 a share.