GLOBAL HEALTHCARE REIT, INC. (OTCMKTS:GBCS) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM 2.03
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CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBGLIATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT |
As of January 4, 2017, the Company sold an additional $300,000 of
its securities consisting of 10% Senior Secured Promissory Notes
(Notes) for a purchase price equal to the principal amount of the
Notes (the Offering). Details of the Offering were previously
reported in the Companys Current Report on Form 8-K dated
November 25, 2016 and filed with the Securities and Exchange
Commission on November 29, 2016.
| ITEM 3.02 |
UNREGISTERED SALE OF EQUITY SECURITIES |
| ITEM 7.01 | REGULATION FD DISCLOSURE |
The following sets forth the information required by Item 701 of
Regulation S-K with respect to the unregistered sales of equity
securities by Global Healthcare REIT, Inc., a Utah corporation
(the Company), effective January 4, 2017:
| a. |
Effective January 4, 2017, Global Healthcare REIT, Inc. (the Company), sold an additional $300,000 of its securities consisting of Units, each Unit comprised of a 10% Senior Secured Promissory Note (Notes) and one Warrant for every $1.00 in principal amount of Note. The purchase price for the Units was equal to the principal amount of the Notes as reflected in Item 2.03 above. Each Warrant is exercisable for 12 months to purchase a share of common stock at an exercise price of $.75 per share. The Warrants have a cashless exercise provision. |
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| b. |
The Notes and Warrants were sold to three investors, each of whom qualified as an accredited investor within the meaning of Rule 501(a) of Regulation D under the Securities Act of 1933 as amended (the Securities Act). |
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| c. |
The Company paid no fees or commissions in connection with the issuance of the Units. |
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| d. |
The issuance of the Securities was undertaken without registration under the Securities Act in reliance upon an exemption from the registration requirements of the Securities Act set forth in Sections 4(2) thereunder. The investors each qualified as an accredited investor within the meaning of Rule 501(a) of Regulation D. In addition, the Securities, which were taken for investment purposes and not for resale, were subject to restrictions on transfer. We did not engage in any public advertising or general solicitation in connection with this transaction, and we provided the investor with disclosure of all aspects of our business, including providing the investor with our reports filed with the Securities and Exchange Commission and other financial, business and corporate information. Based on our investigation, we believed that the accredited investors obtained all information regarding the Company that each requested, received answers to all questions posed and otherwise understood the risks of accepting our Securities for investment purposes. |
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| e. | Not applicable. | |
| f. | Not applicable. |
| ITEM 8.01 | OTHER EVENTS |
Reopening of Goodwill Nursing Home
Goodwill Nursing Home, located in Macon, Georgia, was previously
closed by State of Georgia regulators as reported in the Companys
Current Report on Form 8K dated January 28, 2016 and filed with
the Securities and Exchange Commission on January 29, 2016. On
December 20, 2016, Goodwill achieved certification after
approximately $2.0 million in capital improvements were made to
the property and has begun admitting new residents. We expect
rent to commence in the first quarter of 2017.
About GLOBAL HEALTHCARE REIT, INC. (OTCMKTS:GBCS)
Global Healthcare REIT, Inc. operates as a real estate investment trust (REIT) for the purpose of investing in real estate and other assets related to the healthcare industry. The Company acquires, develops, leases, manages and disposes of healthcare real estate, and provides financing to healthcare providers. The Company owns approximately nine healthcare properties, which are leased to third-party operators under triple-net operating terms. The Company’s approximately nine assisted-living facilities include Middle GA Nursing Home; Warrenton Nursing Home (Warrenton); Southern Hills Retirement Center; Goodwill Nursing Home; Edwards Redeemer Health & Rehab; Providence of Sparta Nursing Home; Providence of Greene Point Healthcare Center; Meadowview Healthcare Center, and Golden Years Manor Nursing Home. The Company’s Southern Hills Retirement Center consists of an Assisted Living facility (ALF), an Independent Living facility (ILF) and a Skilled Nursing facility (SNF). GLOBAL HEALTHCARE REIT, INC. (OTCMKTS:GBCS) Recent Trading Information
GLOBAL HEALTHCARE REIT, INC. (OTCMKTS:GBCS) closed its last trading session up +0.025 at 0.485 with 200 shares trading hands.
