Company sells 12% notes to Apollo Capital and Capitoline Ventures II
By Devika Patel
Knoxville, Tenn., July 7 – Global Arena Holding, Inc. sold a $52,000 12% unsecured convertible promissory note to Apollo Capital Corp. on June 29, according to an 8-K filed Tuesday with the Securities and Exchange Commission. It sold a $52,000 12% consolidated convertible promissory note to Capitoline Ventures II, LLC on June 30.
Both notes are convertible into common shares at lesser of $0.25 or a 50% discount to the lowest trade price in the 20 trading days preceding conversion. The notes are due May 22, 2016 and may be prepaid at 150.
Apollo also received warrants for 620,000 shares. The warrants are exercisable at $0.25, a 66.67% premium to the June 26 closing share price of $0.15.
The financial services holding company is based in New York.
| Issuer: | Global Arena Holding, Inc.
|
| Issue: | Unsecured convertible promissory note, consolidated convertible promissory note
|
| Amount: | $104,000
|
| Maturity: | May 22, 2016
|
| Coupon: | 12%
|
| Conversion price: | The lesser of $0.25 or a 50% discount to the lowest trade price in the 20 trading days preceding conversion
|
| Call: | At 150
|
| Stock symbol: | OTCBB: GAHC
|
| Market capitalization: | $2.41 million
|
|
|
| Apollo note
|
| Amount: | $52,000
|
| Warrants: | For 620,000 shares
|
| Warrant strike price: | $0.25
|
| Investor: | Apollo Capital Corp.
|
| Settlement date: | June 29
|
| Stock price: | $0.15 at close June 26
|
|
|
| Capitoline note
|
| Amount: | $52,000
|
| Warrants: | No
|
| Investor: | Capitoline Ventures II, LLC
|
| Settlement date: | June 30
|
| Stock price: | $0.14 at close June 29
|
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