CP BF Lending, LLC - 06 Feb 2023 Form 3 Insider Report for EBET, Inc.

Role: 10%+ Owner
Signature: CP BF Lending, LLC, By: CP Business Finance GP, LLC, its manager, By: Columbia Pacific Advisors, LLC, its manager /s/ Alan Spragins, Authorized Signatory
Issuer symbol: EBET on OTC
Transactions as of: 06 Feb 2023
Net transactions value: $0
Form type: 3
Filing time: 15 Feb 2023, 16:53:49 UTC
Next filing: 21 Oct 2024
SEC: View on sec.gov

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	EBET	Convertible Note							06 Feb 2023	Common Stock	1,396,648	$3.58	Direct	F1, F2
holding	EBET	Common Stock Warrants (right to buy)							06 Feb 2023	Common Stock	2,312,449	$16.95	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On November 29, 2021, the Reporting Person entered into a credit agreement with the Registrant (the "Credit Agreement"). In connection with the Credit Agreement, the parties entered into an option agreement to permit, at any time after the Registrant completes common equity financings of at least $5 million (the "Financing Condition"), $5 million of the outstanding loan balance under the Credit Agreement to became convertible to common stock at the Reporting Person's election (the "Note Conversion Option"). In connection with the closing the Registrant's common equity financing on February 6, 2023, the Financing Condition was achieved, and the Reporting Person's Note Conversion Option became exercisable.
F2	The Note Conversion Option expires upon the earlier of (i) maturity of the loan on November 29, 2024, subject to extension in accordance with the terms of the Credit Agreement, or (ii) repayment of the loan in full.

Content

On November 29, 2021, the Reporting Person entered into a credit agreement with the Registrant (the "Credit Agreement"). In connection with the Credit Agreement, the parties entered into an option agreement to permit, at any time after the Registrant completes common equity financings of at least $5 million (the "Financing Condition"), $5 million of the outstanding loan balance under the Credit Agreement to became convertible to common stock at the Reporting Person's election (the "Note Conversion Option"). In connection with the closing the Registrant's common equity financing on February 6, 2023, the Financing Condition was achieved, and the Reporting Person's Note Conversion Option became exercisable.

The Note Conversion Option expires upon the earlier of (i) maturity of the loan on November 29, 2024, subject to extension in accordance with the terms of the Credit Agreement, or (ii) repayment of the loan in full.