Business
GlobeeCom International Inc. announces a third closing of a private placement of convertible debentures
GlobeeCom International Inc. announces a third closing of a private placement of convertible debentures.
About this update from Greenbank Capital Inc.
[{"type":"text","content":"\n\n\n\n\nTROIS-RIVIERES, Sept. 6 /CNW Telbec/ - GLOBEECOM INTERNATIONAL INC.\n(\"GlobeeCom\" or the \"Company\") (TSX Venture Exchange: GBC) announces a third\nclosing, as of today, of a private placement of convertible debentures of a\ntotal amount of $575,000. The Company had announced on June 21 and August 15,\n2005, the private placement of $150,000 in convertible debentures. The Company\nhas issued until now a total amount of $725,000 in convertible debentures.\nIn connection with this private placement, insiders of the Company have\nsubscribed, today, the following convertible debentures: (i) SociDetDe\nInnovatech QuDebec ChaudiGere-Appalaches has subscribed a convertible debenture\nof $150,000 in capital; it is now the holder of convertible debentures of a\ntotal amount of $300,000, (ii) Alain Gourd Communications Inc., a company\ncontrolled by Mr. Alain Gourd, Chairman of the Board, has subscribed a\nconvertible debenture of an amount of $25,000, and (iii) Mr. Erick Caron,\nPresident and Chief Executive Officer of the Company, and his spouse,\nMrs. Anne Caron, have subscribed a convertible debenture of an amount of\n$25,000. Three other persons who are not insiders have subscribed convertibles\ndebentures of a total amount of $375,000.\nThis debenture as well as any other additional debentures that may be\nissued pursuant to this private placement will bear interest at an annual rate\nof 15% and will 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 Excha...