By Susanna Moon
Chicago, July 30 - Global Realty Development Corp. agreed sell four accredited investors unit securities of $1,125,000, according to an 8-K filing with the Securities and Exchange Commission.
The company will issue 1,125,000 units for $1.00 each.
Each unit consists of 12% senior promissory notes and initial warrants and additional warrants. Each unit consists of initial warrants for three shares exercisable at $0.30 per share for five years. Each offering unit also includes an additional warrant for one share contingent upon the occurrence of certain events.
The notes are due on the earlier of the date on which the principal is prepaid in full, 180 days from the date of the issue unless extended for up to 180 more days or the date the company raises more than $15 million in equity.
If the company extends the original maturity date, the interest is 16% until the note is paid.
Global Realty is a real estate development company based in Coral Springs, Fla.
| Issuer: | Global Realty Development Corp.
|
| Issue: | Units of 12% notes and warrant
|
| Amount: | $1,125,000
|
| Units: | 1,125,000
|
| Coupon: | 12% unless the company extends the original maturity date, in which case the interest is 16%
|
| Price: | $1.00
|
| Maturity: | Earlier of the date on which the principal is prepaid in full, 180 days from the date of the issue unless extended for up to 180 more days or the date the company raises more than $15 million in equity
|
| Warrants: | For three shares per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.30
|
| Pricing date: | July 25
|
| Stock symbol: | OTCBB: GRLY
|
| Stock price: | $0.20 at close July 23
|
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