8% original issue discount convertible note sold to JMJ Financial
By Devika Patel
Knoxville, Tenn., Feb. 5 - Blue Water Global Group Inc. completed a private placement of a $335,000 convertible promissory note with JMJ Financial on Jan. 31, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The note has $35,000 original issue discount and was sold for $300,000.
The note is convertible into common shares at the lesser of $0.0185 or 60% of the lowest trade price in the preceding 25 trading days. The note will pay a one-time interest charge of 12% if the company does not prepay it within 90 days, which it said it plans to do.
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: | $335,000
|
| Price: | $300,000
|
| Coupon: | 12% if not repaid in 90 days
|
| Conversion price: | Lesser of $0.0185 or 60% of the lowest trade price in the preceding 25 trading days
|
| Warrants: | No
|
| Investor: | JMJ Financial
|
| Settlement date: | Jan. 31
|
| Stock symbol: | OTCBB: BLUU
|
| Stock price: | $1.08 at close on Jan. 30
|
| Market capitalization: | $18.08 million
|
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