KBM Worldwide is investor; note may be prepaid at any time
By Susanna Moon
Chicago, Sept. 3 – Blue Water Global Group, Inc. completed the sale of a $53,500 8% convertible promissory note due 2015 with KBM Worldwide, Inc., according to an 8-K filing with the Securities and Exchange Commission.
The note may be prepaid at any time for 180 days after issue, beginning at 115% of the outstanding principal and accrued interest and increasing by 5% 30 days after closing, 5% 60 days after closing, 5% 90 days after closing and 5% 120 days after closing until maturity.
At any time after 180 days, the note is convertible into Blue Water common stock, at KBM’s option, at a 42% discount to the market price, which is defined as 58% of the average of the lowest three closing bid prices for the stock during the 10 trading days prior to the conversion date.
KBM has agreed to restrict its ability to convert the note and receive shares of common stock so that the number of shares held by them in the aggregate and their affiliates after the conversion or exercise does not exceed 9.99% of the then issued and outstanding shares.
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: | $53,500
|
| Maturity: | May 28, 2015
|
| Coupon: | 8%
|
| Conversion price: | At 42% discount to market price, defined as 58% of average of lowest three closing bid prices for stock during the 10 trading days prior to conversion
|
| Warrants: | No
|
| Call: | Yes, beginning at 115 and stepping up 5% every 30 days
|
| Investor: | KBM Worldwide, Inc.
|
| Settlement date: | Aug. 26
|
| Stock symbol: | OTCBB: BLUU
|
| Stock price: | $0.01 at close on Aug. 25
|
| Market capitalization: | $3.27 million
|
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