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Global Digital Solutions, Inc. (GDSI) and NEAH Global Energy Solutions (GES) Sign Term Sheet Providing a $5 Million Strategic Investment in GDSI in Exchange for GDSI $1 Convertible Preferred Stock and Warrants, Subject to Due Diligence and Closing
Global Digital Solutions, Inc. (GDSI) and NEAH Global Energy Solutions (GES) Sign Term Sheet Providing a $5 Million Strategic Investment in GDSI in Exchange for GDSI $1 Convertible Preferred Stock and Warrants, Subject to Due Diligence and Closing.
About this update from Global Digital Solutions, Inc.
[{"type":"text","content":"\n\n\n\nGlobal Digital Solutions, Inc. (GDSI) and NEAH Global Energy Solutions (GES) Sign Term Sheet Providing a $5 Million Strategic Investment in GDSI in Exchange for GDSI $1 Convertible Preferred Stock and Warrants, Subject to Due Diligence and Closing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nGlobal Digital Solutions, Inc. (GDSI) and NEAH Global Energy Solutions (GES) Sign Term Sheet Providing a $5 Million Strategic Investment in GDSI in Exchange for GDSI $1 Convertible Preferred Stock and Warrants, Subject to Due Diligence and Closing\nProceeds Will be Used to Finance Work in Progress, Accounts Receivable, Capex for a New Production Facility for North American Custom Specialty Vehicles, Inc. and for future Acquisitions\nPR Newswire\nPALM BEACH, Fla., Nov. 24, 2014\n\n\n\nPALM BEACH, Fla., Nov. 24, 2014 /PRNewswire/ -- Global Digital Solutions, Inc. (OTCQB: GDSI), a company that is positioning itself as a leader in providing cyber arms manufacturing and complementary security and technology solutions, today announced that the Company has entered into a Term Sheet with NEAH Global Energy Solutions (\"GES\") providing for GES to invest $5 million in GDSI in exchange for $1 Convertible Preferred Stock and warrants.  The agreement is subject to due diligence and certain other conditions prior to closing.\n\nThe Preferred Stock, which will be issued at a valuation of $1 per share, will carry a coupon of 8% payable annually in arrears, will have a maturity of five (5) years and may, at the option of GES, be repaid in full in cash or converted into 5% of the fully diluted shares of common stock of GDSI then outstanding. In addition, GDSI shall issue a warrant to GES at closing to purchase approximately 15% of the fully diluted shares of common stock of GDSI outstanding at the closing at an exercise price of $1.00 per share exercisable for a period of five (5) years.\n\nGDSI intends to apply to list its common stock on the NASDAQ during the first quarter of 2015 in conjunction with expanded acquisition activities which in conjunction with GES will establish t...