By Sheri Kasprzak
New York, Oct. 10 - GlobalNet Corp. raised another $165,000 in its previously announced private placement, lifting total proceeds to $1.2 million.
The company sold 6% secured convertible notes to New Millennium Capital Partners II, LLC; AJW Qualified Partners, LLC; AJW Offshore, Ltd.; and AJW Partners, LLC.
The notes are due in three years and are convertible at the lower of $0.03 each or 20% of the average of the three lowest intraday trading prices for the 20 trading days before conversion.
The investors received warrants for 150 million shares, exercisable at $0.0002 each for seven years.
GlobalNet, based in Houston, provides data, voice and internet services.
Issuer: | GlobalNet Corp.
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Issue: | Secured convertible notes
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Amount: | $1.2 million
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Maturity: | Three years
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Coupon: | 6%
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Price: | Par
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Yield: | 6%
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Conversion price: | The lower of $0.03 or 20% of the average of the three lowest intraday trading prices for the 20 trading days before conversion
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Warrants: | For 150 million shares
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Warrant expiration: | Seven years
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Warrant strike price: | $0.0002
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Investors: | New Millennium Capital Partners II, LLC; AJW Qualified Partners, LLC; AJW Offshore, Ltd.; AJW Partners, LLC
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Settlement date: | Oct. 5
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Stock symbol: | Pink Sheets: GLBT
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Stock price: | $0.0001 at close Oct. 5
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