Tangiers Investment buys securities via agent Empire State Financial
By Devika Patel
Knoxville, Tenn., July 24 – Empire Global Corp. sold $55,000 of one-year 10% convertible promissory notes to Tangiers Investment Group, LLC for $50,000 in a private placement on July 9, according to an 8-K filed Friday with the Securities and Exchange Commission. The company also arranged a $5 million investment agreement with Tangiers on July 20.
The company may sell up to $220,000 of the convertibles for $200,000, which equals a 10% original issue discount.
The notes are convertible into common stock at a price equal to the lesser of $0.80 or 60% of the lowest trading price of the stock during the 20 consecutive trading days preceding conversion. It may be prepaid at prices ranging from par to 150.
In the investment agreement, Tangiers will buy common stock in tranches of up to 100% of the average of the daily trading dollar volume of the stock during the 10 consecutive trading days preceding the put notice so long as this amount does not exceed $150,000 per month.
Empire State Financial Inc. was the agent.
Based in Toronto, Empire Global develops services and venues in the online gambling industry.
| Issuer: | Empire Global Corp.
|
| Issue: | Investment agreement, convertible promissory notes
|
| Amount: | $5.22 million
|
| Warrants: | No
|
| Agent: | Empire State Financial Inc.
|
| Investor: | Tangiers Investment Group, LLC
|
| Announcement date: | July 24
|
| Stock symbol: | OTCBB: EMGL
|
| Stock price: | $0.73 at close July 23
|
| Market capitalization: | $16.98 million
|
|
|
| Investment agreement
|
| Amount: | $5 million
|
| Settlement date: | July 20
|
|
|
| Convertible
|
| Amount: | $220,000
|
| Maturity: | One year
|
| Coupon: | 10%
|
| Price: | $200,000 (10% original issue discount)
|
| Call: | At par to 150
|
| Conversion price: | The lesser of $0.80 or 60% of the lowest trading price of the stock during the 20 consecutive trading days preceding conversion
|
| Settlement date: | July 9 (for $55,000)
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