Blue Water Global Group, Inc. (OTCBB:BLUU) announced a private placement of one convertible promissory note with existing accredited investor Cardinal Capital Group Ltd for gross proceeds of $50,000 on April 29, 2015. The note has a principal value of $55,500 and is being issued at an original issue discount of $5,500. The note bears a fixed coupon of 12% per annum payable on maturity and will mature on April 29, 2017.

The note may be prepaid at any time in whole or in part until 180 days from the issuance beginning at 130% of the outstanding principal and accrued interest during the first 120 days, 140% between days 121 and 150 after the closing date, and 150% after 151 days from the closing date. The note is convertible into common shares of the company at the option of investor at the lesser of $0.0225 and 55% of the lowest trade occurring during 20 consecutive trading days immediately before the conversion date. The investor will not acquire more than 9.99% stake in the company on conversion of the note.

The note is not secured by any collateral or any asset. The company will reserve at least 5,000,000 shares for the conversion of note.