Company issues convertible promissory note due March 2016 to Vis Vires
By Devika Patel
Knoxville, Tenn., July 2 – Blue Water Global Group Inc. completed a private placement of a $79,000 8% convertible promissory note with Vis Vires Group, Inc. on June 23, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The convertible is due on March 18, 2016. It converts to common stock at a price equal to 58% of the average of the lowest three closing bid prices of the stock during the 10 trading days preceding the conversion. The note may be prepaid during the first 180 days 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: | $79,000
|
| Maturity: | March 18, 2016
|
| Coupon: | 8%
|
| Conversion price: | 58% of the average of the lowest three closing bid prices of the stock during the 10 trading days preceding the conversion
|
| Call: | At prices ranging from 115 to 135 during first 180 days
|
| Warrants: | No
|
| Investor: | Vis Vires Group, Inc.
|
| Pricing date: | June 23
|
| Stock symbol: | OTCBB: BLUU
|
| Stock price: | $0.06 at close June 22
|
| Market capitalization: | $5.21 million
|
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