8% convertible promissory note due Aug. 17, 2015 sold to KBM Worldwide
By Devika Patel
Knoxville, Tenn., Nov. 20 – Blue Water Global Group Inc. sold a $65,000 convertible promissory note to KBM Worldwide, Inc. on Nov. 13, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 8% note is due on Aug. 17, 2015 and is convertible into common shares 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 conversion. It may be prepaid in 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.
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| Issue: | Convertible promissory note
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| Amount: | $65,000
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| Maturity: | Aug. 17, 2015
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| Coupon: | 8%
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| Conversion price: | 58% of the average of the lowest three closing bid prices of the stock during the 10 trading days preceding conversion
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| Call: | At 115 to 135
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| Warrants: | No
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| Investor: | KBM Worldwide, Inc.
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| Settlement date: | Nov. 13
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| Stock symbol: | OTCBB: BLUU
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| Stock price: | $0.02 at close Nov. 12
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| Market capitalization: | $6.05 million
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