DSG Global to complete financings for proceeds of at least $10 million

Proceeds from three transactions will redeem Westergaard preferreds

By Tali Rackner

Norfolk, Va., Sept. 8 – DSG TAG announced that DSG Global Inc. will complete financings for gross proceeds of at least $10 million to redeem its series A convertible preferred stock, according to an 8-K filing with the Securities and Exchange Commission.

Westergaard Holdings Ltd. owns 4,309,384 shares of the preferreds. It modified the redemption provisions, which now obligate DSG to raise capital and redeem the shares at a price of $1.25 per share as follows:

• On or before Sept. 30, DSG must complete a financing for gross proceeds of at least $2.5 million and use at least $1,125,000 to redeem a minimum of 900,000 shares;

• On or before Oct. 30, the company must complete an additional financing for gross proceeds of at least $2.5 million and use at least $1,125,000 to redeem a minimum of 900,000 shares; and

• On or before Dec. 1, DSG must complete an additional financing for gross proceeds of at least $5 million and use at least $3.14 million to redeem the remaining 2,509,384 shares.

DSG Global is a Surrey, B.C.-based provider of fleet management services for the golf industry.

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