Tiger Reef, Inc. announced that it expects to receive $0.08 million in funding from Blackbridge Capital, LLC
April 17, 2017
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Tiger Reef, Inc. (OTCPK:TGRR) announced that it has entered into a securities purchase agreement with Blackbridge Capital Growth Fund, LLC, a fund managed by Blackbridge Capital, LLC for private placement of a convertible promissory note for gross proceeds of $75,000 on April 17, 2017. The note carries a fixed interest rate of 12% per annum and will mature on October 17, 2017. The notes may be repaid at any time during the first six months of each tranche at a rate of 135% of the unpaid principal amount during the first 90 days and 150% of the unpaid principal amount between days 91 and 180 and may not be prepaid after the 180th day. The note is convertible into common shares of the company at a price per share equal to 55% of the lowest daily closing bid with a 15 day look back immediately preceding and including the date of conversion. There is no minimum conversion price. The company will issue securities pursuant to exemption provided under Regulation D. The note will be issued at principal amount. The company will reimburse investors expenses of $1,500.
Tiger Reef, Inc. is a developer and operator of solar and clean renewable energy projects focused on reducing overall energy costs and the carbon footprint for Cannabidiol (CBD) producers and legalized marijuana growers. The Company also has developed a line of rums under the Tiger Reef brand. It is also a developer of Caribbean casual dining restaurant properties under the Mermaid Reef Ocean Grill & Lounge brand. The Companyâs wholly owned subsidiary is Tiger Reef, Ltd.