Blue Water Global Group, Inc. (OTCBB:BLUU) announced that it has entered into a securities purchase agreement for private placement of a 8% convertible redeemable note at a price of $52,654.20 per note with existing investor, Union Capital, LLC for gross proceeds of $52,654.20 on August 11, 2015. The note will be due on August 11, 2017. The note bears interest at a rate of 8% per annum.

The note is issued at par. The company is not required to make any payment till maturity. The company has the right to repay the note at any time during the first six months of the notes at a rate of 125% of the unpaid principal amount during the first 90 days, 135% of the unpaid principal amount between days 91 and 150, and 145% of the unpaid principal amount between days 151 and 180.

The investor may convert the outstanding principal on the note into common shares at the conversion price per share equal to 55% of the lowest daily trading price to common shares as reported by the OTC Bulletin Board with a 20 day look back immediately preceding and including the date of conversion. There is no minimum conversion price. The company paid legal fees of $7,842.20.