8% redeemable note due Jan. 16, 2016 sold to LG Capital through deal
By Devika Patel
Knoxville, Tenn., Jan. 20 – Global Digital Solutions, Inc. sold a $78,750 convertible redeemable note to LG Capital Funding, LLC on Jan. 20, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal priced on Jan. 16.
The 8% note is due on Jan. 16, 2016 and may be converted into common shares at a conversion price equal to 60% of the lowest closing bid price at the time of conversion. It may be prepaid at prices ranging from 115 to 145.
The company paid $11,250 in legal and finders’ fees.
The West Palm Beach, Fla., company provides defense technology-based solutions and systems to commercial customers, the U.S. military and foreign allies, and U.S. government civil agencies and friendly counterparts.
| Issuer: | Global Digital Solutions, Inc.
|
| Issue: | Convertible redeemable note
|
| Amount: | $78,750
|
| Maturity: | Jan. 16, 2016
|
| Coupon: | 8%
|
| Conversion price: | 60% of the lowest closing bid price at the time of conversion
|
| Call: | Yes, at prices ranging from 115 to 145
|
| Warrants: | No
|
| Investor: | LG Capital Funding, LLC
|
| Fees: | $11,250
|
| Pricing date: | Jan. 16
|
| Settlement date: | Jan. 20
|
| Stock symbol: | OTCBB: GDSI
|
| Stock price: | $0.07 at close Jan. 15
|
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