Blue Water Global Group, Inc. announced that it has received $0.1 million in funding from JSJ Investments Inc..
January 26, 2015
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Blue Water Global Group, Inc. (OTCBB:BLUU) announced that it has entered into an agreement for a private placement of one convertible promissory note with existing accredited investor JSJ Investments Inc. for gross proceeds of $95,000 on January 27, 2015. The note has a principal value of $100,000 and is being issued at a discount of $5,000. The note bears a fixed coupon of 12% per annum and matures on July 27, 2015. The note may be prepaid at any time beginning at 140% of the outstanding principal and accrued interest during the first 90 days, 150% between days 91 and 180 after the closing date. After 180 days from the closing date until the maturity date the note may be prepaid at 150% of the outstanding principal and accrued interest with the permission of the investor. The note is convertible into common stock, at the option of the investor, at the lesser of 50% of the lowest trade occurring during the twenty consecutive trading day immediately preceding the applicable conversion date or 50% of the lowest trade occurring during the twenty 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 investor will deduct legal fees in the amount of $2,000 from the principal payment of the convertible note. The company issued securities pursuant to exemption provided under Regulation D. The transaction has been approved by the board of directors of the company.
On January 27, 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.