By Sheri Kasprzak
New York, Oct. 10 - GlobalNet Corp. raised another $165,000 in its previously announced private placement, lifting total proceeds to $1.2 million.
The company sold 6% secured convertible notes to New Millennium Capital Partners II, LLC; AJW Qualified Partners, LLC; AJW Offshore, Ltd.; and AJW Partners, LLC.
The notes are due in three years and are convertible at the lower of $0.03 each or 20% of the average of the three lowest intraday trading prices for the 20 trading days before conversion.
The investors received warrants for 150 million shares, exercisable at $0.0002 each for seven years.
GlobalNet, based in Houston, provides data, voice and internet services.
| Issuer: | GlobalNet Corp.
|
| Issue: | Secured convertible notes
|
| Amount: | $1.2 million
|
| Maturity: | Three years
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | The lower of $0.03 or 20% of the average of the three lowest intraday trading prices for the 20 trading days before conversion
|
| Warrants: | For 150 million shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $0.0002
|
| Investors: | New Millennium Capital Partners II, LLC; AJW Qualified Partners, LLC; AJW Offshore, Ltd.; AJW Partners, LLC
|
| Settlement date: | Oct. 5
|
| Stock symbol: | Pink Sheets: GLBT
|
| Stock price: | $0.0001 at close Oct. 5
|
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