NovAccess Global : Material Agreement Form 8 K

Item 1.01 Entry into a Material Definitive Agreement.

On May 31, 2024, NovAccess Global Inc. entered into an interest free convertible loan agreement with our chairman of the board, John A. Cassarini, pursuant to which Mr. Cassarini loaned NovAccess $9,000 to address short-term cash needs. The loan does not bear interest and 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%. Mr. Cassarini may convert amounts outstanding under the loan into unregistered shares of NovAccess common stock at $0.11 a share.

The loan agreement with Mr. Cassarini is filed as an exhibit to this Current Report on Form 8-K. The description above is qualified in its entirety by reference to the full text of the agreement.