Single investor also receives 2,083,333 common shares along with note
By Devika Patel
Knoxville, Tenn., Nov. 14 - Island Breeze International Inc. sold a $2.75 million promissory note for $2.5 million to a single investor in a private placement on Nov. 10, according to an 8-K filed Monday with the Securities and Exchange Commission.
The note is discounted 9% and is due on Nov. 9, 2012.
The investor also received 2,083,333 common shares, which may be put at $0.10 each.
Proceeds will be used to refurbish Island Breeze, a cruise ship.
Based in Bellmawr, N.J., Island Breeze is a cruise operator.
Issuer: | Island Breeze International Inc.
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Issue: | Promissory note, 2,083,333 common shares
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Amount: | $2.75 million
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Maturity: | Nov. 9, 2012
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Price: | $2.5 million (9% discount)
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Put option: | $0.10 per share
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Settlement date: | Nov. 10
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Stock symbol: | OTCBB: IBII
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Stock price: | $0.10 at close Nov. 10
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Market capitalization: | $4.3 million
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