Blue Water Global Group, Inc. announced that it has received $0.05 million in funding from Union Capital, LLC.
January 26, 2015 at 04:00 am
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Blue Water Global Group, Inc. (OTCBB:BLUU) announced the signing of a definitive agreement for private placement of 1 8% convertible redeemable note at $50,000 per note for gross proceeds of $50,000 on January 26, 2015. The transaction includes participation from new accredited investor Union Capital, LLC. The note holds an interest payment of fixed 8% per annum commencing on January 26, 2015, which shall be paid by the company in common stock and will mature on January 26, 2016. The note is exchangeable for an equal aggregate principal amount of notes of different authorized denominations, as requested by the holder surrendering the same and is convertible any time after 180 days, to convert all or any amount of the principal face amount of the note then outstanding into shares of the company's common stock at a price equal to 55% of the lowest daily closing bid with a 20 day look back immediately preceding and including the date of conversion. There is no minimum conversion price. The company shall reimburse investor expenses, which shall be $2,500 in legal fees.
On January 26, 2015, Blue Water Global Group, Inc. closed the transaction.
Blue Water Global Group, Inc. (Blue Water) is a developer of casual dining restaurant properties and distilled spirits. The Company is engaged in developing a chain of casual dining restaurants in tourist destinations across the Caribbean region under the Blue Water Bar & Grill brand, and sells a range of rums which include its flagship rum Blue Water Ultra Premium Rum and aged spiced Blue Water Caribbean Gold Premium Rum in St. Maarten, Dutch West Indie and Anguilla, British West Indies. Blue Water Ultra Premium Rum is 40% alcohol/volume (80 proof). Blue Water Caribbean Gold Premium Rum is 35% alcohol/volume (70 proof). Blue Water is also engaged in making equity investments in businesses that are in the early stages of obtaining their own listing on the Over-The-Counter (OTC) Bulletin Board. The Company's restaurants would be within the casual dining category. Blue Water's initial restaurant would be located on the island of St. Maarten, Dutch West Indies.