Blue Water Global Group, Inc. (OTCBB:BLUU) announced that it has entered into an securities purchase agreement for a private placement of 8% convertible redeemable note with accredited investor Blue Citi, LLC for gross proceeds of $100,000 on May 5, 2015. The note has a principal value of $108,000 and is being issued at a discount of $8,000. The note bears a fixed coupon of 8% per annum and would matures on May 5, 2016.

The note may be prepaid may be prepaid in whole or in part, at any time during the period beginning on the closing date and ending on the date which is 180 days following the issue date, beginning at 120% of the outstanding principal and accrued within 90 days after the closing date, 130% 91 to 120 days after the closing date, and 140% 121 to 180 days after the closing sate. At any time after 180 days after the date the investor note is issued, the investor note is convertible into the company common stock, at investor's option, at the lesser of 60% of the lowest trade occurring during the 20 consecutive trading day immediately preceding the applicable conversion date or 60% of the lowest trade occurring during the 20 consecutive trading days immediately preceding the closing date. The variable conversion price is subject to proportional adjustment in the event of stock splits, stock dividends, and similar corporate events.

The company will pay $5,000 legal fees. The investor will deduct legal fees in the amount of $5,000 from the principal payment of the convertible note.