Business
GlobeeCom(R) International Inc. announces the initial closing of a private placement of convertible debentures
GlobeeCom(R) International Inc. announces the initial closing of a private placement of convertible debentures.
About this update from Greenbank Capital Inc.
[{"type":"text","content":"\n\n\n\n\nTROIS-RIVIERES, June 28 /CNW Telbec/ - GLOBEECOM(R) INTERNATIONAL INC.\n(\"GlobeeCom(R)\" or the \"Company\") (TSX Venture Exchange: GBC) announces the\ninitial closing of a private placement of convertible debentures of a maximum\namount of $300,000. SociDetDe Innovatech QuDebec ChaudiGeres-Appalaches\n(\"Innovatech\"), an insider of the Company, subscribed for today to a\nconvertible debenture of an amount of $100,000 in principal. Such subscription\nwas made conditionally to an undertaking of i) Mr.Erick Caron, President and\nChief Executive Officer of the Company and of Anne Caron, his wife and of\nii) Mr. Daniel Misiano, Vice-President, Sales and Business Development of the\nCompany to subscribe each for $25,000 in principal of convertible debentures,\nat the same conditions.\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. In the\nevent of that the Company does not respect its undertakings toward the holder\nof debenture or if there is a default pursuant to the debenture, the\nconversion price shall be equal to the lesser of the conversion price or the\naverage closing price of the Common Shares of the Company at the TSX Venture\nExchange or any other recognized Exchange at which the Common Shares are\nlisted for the ten (10) days preceding the conversion notice less the maximum\ndiscount under the applicable Exchange policies, subject to the approval of\nthe Exchange. If the total amount in principal of $300,000 of convertible\ndebentures is distributed and taking into account a conversion price of\n$0.18 per share, a total number of 1,666,667 Common Shares could be so issued.\nFurthermore, in the event that GlobeeCom(R) is able to complete, before\nthe maturity of the debentures, a placement of shares for a amount equal to or\nhigher than $2,500,000, the Company will be able to convert, at the date of\nclosing of such placement, the whole principal am...