GLOBAL EQUITY INTERNATIONAL, INC. (OTCMKTS:GEQU) Files An 8-K Other EventsItem 8.01 OTHER EVENTS
Shareholders Update.
On January 17, 2018, the Company received a first tranche of funding amounting to $400,000 from Xantis Private Equity to a legally binding funding agreement, executed on January 11, 2018, for a minimum of £2,000,000 (approximately US$2.7 million). The proceeds of each tranche will be used for reduction of indebtedness, inorganic growth via acquisitions of various advisory firms with funds under management and general working capital purposes.
On January 17, 2018, the Company also repaid Mammoth Corporation the first of six equal monthly payments amounting to $54,168 to a rider agreement executed on December 7, 2017, whereby Mammoth Corporation agreed to suspend all further conversion of their two remaining loan notes into equity of the Company on the basis that the Company complied with the agreed payment plan.
On January 23, 2018, the Company received a first tranche of funding amounting to $100,000 from William Marshal Plc. to a legally binding funding agreement, executed on January 11, 2018, for up to £2,000,000 (approximately US$2.7 million). The proceeds of each tranche will be used for reduction of indebtedness, inorganic growth via acquisitions of various advisory firms with funds under management and general working capital purposes.
Each tranche of both the Xantis Private Equity and the William Marshal Plc. loans will be evidenced by a Convertible Note, bearing interest at 6% per annum. Interest on the Convertible Notes is payable semi-annually. The first semi-annual interest payment shall be made in cash or, at the option of the Lender, in shares of our Common Stock at the conversion price indicated in the Convertible Notes. The Convertible Notes will mature on the 366th day following issuance (“Maturity Date”). The principal and any accrued, but unpaid, interest outstanding on the Maturity Date shall be mandatorily converted into shares of our Common Stock. The conversion price under the Convertible Notes shall be equal to the greater of US$0.02 or the average closing price of Borrower’s Common Stock on the Over-the-Counter Bulletin Board for the prior 60 trading days (subject to equitable adjustments for stock splits and similar events). A “trading day” shall mean any day on which the Common Stock is tradable for any period on the stock exchange on which the Borrower’s Common Stock is traded or quoted.
About GLOBAL EQUITY INTERNATIONAL, INC. (OTCMKTS:GEQU)
Global Equity International, Inc. through Global Equity Partners Plc (GEP) and its subsidiary GE Professionals DMCC, provides consulting services, such as corporate restructuring, advice on management buy outs, management recruitment and development for corporate marketing, investor and public relations, regulatory compliance and introductions to financiers, to companies desiring to be listed on stock exchanges in various parts of the world. The Company’s operations are limited to insuring compliance with regional, state and national securities regulatory agencies and organizations. The Company advices and assists its clients in determining the corporate structure, which is suitable to their business models. The Company recommends management changes as per necessity. The Company also offers corporate governance models customized to specific organizations and desired exchange listings. The Company reviews and analyzes balance sheets and capital structures.