By Sheri Kasprzak
New York, Jan. 24 - Global Innovative Systems, Inc. closed a private placement of convertible notes for $6 million.
The company issued 60 notes in principal of $100,000 each to Investec Bank (UK) Ltd., Full Moon Resources Ltd. and LP Asset Management Ltd.
The 10% notes are due Dec. 31, 2009 and are convertible into common shares at $0.55 each.
In other news, Global issued 2,638,768 common shares to Bondy Tan, a director of the company, to settle $1,451,323 in outstanding debt.
Based in Hong Kong, Global Innovative Systems develops energy-management products used to optimize energy consumption.
| Issuer: | Global Innovative Systems, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $6 million
|
| Maturity: | Dec. 31, 2009
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.55
|
| Warrants: | No
|
| Investors: | Investec Bank (UK) Ltd., Full Moon Resources Ltd., LP Asset Management Ltd.
|
| Settlement date: | Jan. 23
|
| Stock symbol: | OTCBB: GBSY
|
| Stock price: | $0.76 at close Jan. 23
|
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