Business
GlobeeCom International Inc. announces a third and final closing of a private placement of convertibles debentures
GlobeeCom International Inc. announces a third and final closing of a private placement of convertibles debentures.
About this update from Greenbank Capital Inc.
[{"type":"text","content":"\n\n\n\n\nTROIS-RIVIERES, Nov. 4 /CNW Telbec/ - GLOBEECOM INTERNATIONAL INC.\n(\"GlobeeCom\" or the \"Company\") (TSX Venture Exchange: GBC) announces a fourth\nand final closing, as of today, of a private placement of convertible\ndebentures of a total amount of $25,000. The Company had announced on June 21,\nAugust 15, and September 6 2005, the private placement of $725,000 in\nconvertible debentures. The Company has thus issued a total amount of $750,000\nin convertible debentures.\nMr. Daniel Misiano, vice-president of the Company, is the subscriber of\nthe convertible debenture issued today.\nAll the convertible debentures bear interest at an annual rate of 15% and\nwill mature two years after their respective issuance.\nThe holders of the debentures will have the right to convert, at their\nentire discretion, and at any time until maturity date, in whole or in part,\nthe amount in principal of the debentures into Common Shares of the Company.\nThe conversion price of the Common Shares is equal to $0.18 per share of the\namount in principal. In the event that the Company does not respect its\nundertakings toward the holder of debenture or if there is a default pursuant\nto the debentures, the conversion price shall be equal to the lesser of the\nconversion price or the average closing price of the Common Shares of the\nCompany at the TSX Venture Exchange or any other recognized Exchange at which\nthe Common Shares are listed for the ten (10) days preceding the conversion\nnotice less the maximum discount under the applicable Exchange policies, the\nwhole subject to the approval of the Exchange. In the event of the conversion\nof all the convertible debentures totalizing $750,000, and assuming a\nconversion price of $0.18 per share, a total number of 4 166 667 Common Shares\ncould be so issued.\nFurthermore, in the event that GlobeeCom is able to complete, before the\nmaturity of the debentures, a placement of shares for an amount equal to or\nhigher than $2,500,000, at a price per share equal or higher than $0.18, the\nCompany will be able to convert, at the date of closing of such placement, the\nwhole principal amount of issued convertible debentures, at a conversion price\nof $0.18.\nEach one (1) dollar in principal amount of the debentures is accompanied\nby five (5) warrants. Each such warrant may be converted into one...