8% promissory note due 2014 was purchased by Asher Enterprises
By Devika Patel
Knoxville, Tenn., Sept. 19 - Blue Water Global Group Inc. sold a $32,500 convertible promissory note to Asher Enterprises, Inc. on Sept. 18, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 8% note is due June 18, 2014 and may be converted into common shares at a price equal to a 42% discount to the average of the lowest three closing bid prices of the common stock during the 10 trading days preceding conversion.
The note may be prepaid at prices ranging from 115 to 135.
The Canton, Ga., company is developing a chain of casual dining restaurants in tourist destinations throughout the Caribbean.
| Issuer: | Blue Water Global Group Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $32,500
|
| Maturity: | June 18, 2014
|
| Coupon: | 8%
|
| Conversion price: | 42% discount to the average of the lowest three closing bid prices of the common stock during the 10 trading days preceding conversion
|
| Call: | At prices ranging from 115 to 135
|
| Warrants: | No
|
| Investor: | Asher Enterprises, Inc.
|
| Settlement date: | Sept. 18
|
| Stock symbol: | OTCBB: BLUU
|
| Stock price: | $0.17 at close Sept. 18
|
| Market capitalization: | $3.89 million
|
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