just recently $BLUU announced a $5 Million Financi
Post# of 487
Posted On: 11/08/2013 8:49:50 AM
just recently [b]$BLUU[/b] announced a $5 Million Financing Agreement With Dutchess Capital
Oct. 7, 2013 (GLOBE NEWSWIRE) -- Blue Water Global Group, Inc. (BLUU) announces that it has entered into an Investment Agreement with Dutchess Opportunity Fund, II, LP, a Delaware limited partnership ("Dutchess").
Under the terms of this Investment Agreement, Dutchess has committed to purchase up to $5 million of Blue Water's common stock at a fixed 5% discount to market over a period of 36 months upon the effectiveness of a Registration Statement on Form S-1, which is being filed today.
Key elements of the Investment Agreement include:
The sales price of any shares sold to Dutchess will be based on the prevailing market prices so Blue Water can maximize the price per share for financing received;
Only Blue Water may initiate and control the timing and amount of stock sold to Dutchess;
Blue Water is under no obligation to use the entire $5 million;
There are no special covenants, restrictions, rights of first refusal, participation rights, penalties or other limitations to Blue Water receiving financing from other sources, potentially on terms more favorable; and
Blue Water may terminate the Investment Agreement at its sole discretion without penalty.
Blue Water will use the proceeds of this financing to:
Repay outstanding bridge financing;
Complete the development of the St. Maarten based Blue Water Bar & Grill(TM); and
Open the planned Blue Water Bar & Grill(TM) restaurants in Aruba, Grand Cayman, Cozumel, Barbados and Bahamas.
Blue Water's President and CEO, J. Scott Sitra, stated, "We are very excited about this financing agreement. This financing will allow us to strategically finance our planned near and long-term capital expenditures without disrupting ongoing business operations or hindering market trading conditions.
Not only does this financing strictly limit our exposure to 'discount to market' financing, but it also minimizes overall dilution while benefiting our core business development efforts and boosting overall stockholder equity."
(0)
(0)