AI
Tuesday, July 08, 2008 11:34:26 AM
Well I want to level with you.
This happened on Feb 7 2008 8k
Item 8.01 Other Events
On February 7, 2008, GlobalNet Corporation (the “Company”) ceased all operations and released all but 2 employees. The Company
had been in negotiations to obtain financing. The financing has not materialized, and the Company does not have sufficient funds to continue
operations.
Sure we all didn't like that news and I spent time with Pope on the phone and we had pretty much thought all was lost. Then later a few people brought to my attention that this is a way to get out of the downspiral of PIPE funding. And then next thing you know. We get news of R/M or acquisitions coming up. Shown below in 4/8/08 8k. That obviously renewed hope in the stock that Shafter has a plan B here. Also if you look back at the Nov 21st 8k all our our loans and debentures for the last few years are now squashed we are not at bay by lenders anymore imo.
Item 3.02 Unregistered Sales of Equity Securities
GlobalNet Corporation (the “Company”) entered into a Securities Purchase Agreement (the “Agreement”) with New Millennium
Capital Partners II, LLC ( “Buyer”) on March 31, 2008 for the sale of (i) $85,000 in callable secured convertible notes (the “Notes”) and (ii)
stock purchase warrants (the “Warrants”) to buy an aggregate of 10,000,000 shares of our common stock. Pursuant to the terms of the
Agreement, the Company and the Buyer closed on the sale and purchase of the Notes and the Warrants on March 31, 2008. Funding occurred
April 2, 2008.
The Company will use the proceeds for two business purposes. The first is to work toward completing our 2005 audit and the filing of
our 2005 10KSB. Following that, management will work toward completing our 2006 audit. Secondly, the Company will seek business
opportunities in areas outside the telecommunications sector. These may include asset acquisitions and or private companies for consideration
as a reverse merger opportunity.
Want the best deals on the internet without having to shop the whole internet http://www.logicbuy.com/
This happened on Feb 7 2008 8k
Item 8.01 Other Events
On February 7, 2008, GlobalNet Corporation (the “Company”) ceased all operations and released all but 2 employees. The Company
had been in negotiations to obtain financing. The financing has not materialized, and the Company does not have sufficient funds to continue
operations.
Sure we all didn't like that news and I spent time with Pope on the phone and we had pretty much thought all was lost. Then later a few people brought to my attention that this is a way to get out of the downspiral of PIPE funding. And then next thing you know. We get news of R/M or acquisitions coming up. Shown below in 4/8/08 8k. That obviously renewed hope in the stock that Shafter has a plan B here. Also if you look back at the Nov 21st 8k all our our loans and debentures for the last few years are now squashed we are not at bay by lenders anymore imo.
Item 3.02 Unregistered Sales of Equity Securities
GlobalNet Corporation (the “Company”) entered into a Securities Purchase Agreement (the “Agreement”) with New Millennium
Capital Partners II, LLC ( “Buyer”) on March 31, 2008 for the sale of (i) $85,000 in callable secured convertible notes (the “Notes”) and (ii)
stock purchase warrants (the “Warrants”) to buy an aggregate of 10,000,000 shares of our common stock. Pursuant to the terms of the
Agreement, the Company and the Buyer closed on the sale and purchase of the Notes and the Warrants on March 31, 2008. Funding occurred
April 2, 2008.
The Company will use the proceeds for two business purposes. The first is to work toward completing our 2005 audit and the filing of
our 2005 10KSB. Following that, management will work toward completing our 2006 audit. Secondly, the Company will seek business
opportunities in areas outside the telecommunications sector. These may include asset acquisitions and or private companies for consideration
as a reverse merger opportunity.
Want the best deals on the internet without having to shop the whole internet http://www.logicbuy.com/
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