– The remaining $200,000 will be received by May 30, 2018.
– The building purchase is slated to close by May 15, 2018.
– The Private Placement was completed at $.50 a share.
COCONUT CREEK, Fla., May 01, 2018 (GLOBE NEWSWIRE) — Via OTC PR Wire — Bahamas Development Corporation (OTCPINK:BDCI) subsidiary company Global Consortium, Inc. f/k/a Cannabis Consortium received the first $800,000 of its previously announced Private Placement ahead of schedule.
The Private Placement was completed with Global Consortium, Inc. directly at $.50 a share, 1,600,000 shares of Global Consortium, Inc. will be issued. The next investment of $200,000 will be completed at $.75 a share and the final installment of $375,000 will be completed at $1.00 per share.
Global Consortium will be wiring funds out to its attorney in California for the building purchase, the building is slated to close by the 15th of May.
Cannabis Consortium had to file a name change with the State of Florida to enable the Company to open a bank account. The company stimulatingly filed a DBA as Cannabis Consortium with the State of Florida and will operate as Cannabis Consortium.
Cannabis Consortium does not own or operate any licensed cannabis operation. Cannabis Consortium is entitled to receive 15% of the annual net revenue collected by its partners from every project it is involved with. The Company is also entitled to receive 15% of the proceeds its partners receive should any company be sold. Cannabis acts as a consultant in these transactions and is not involved in any day-to-day operations or decision making for any of the licensed cannabis operations. Cannabis may own assets in the future that are leased to various licensed entities operating in the cannabis sector. Cannabis will receive rent from any asset it leases to the cannabis sector.
Bahamas Development Corporation, in compliance with SEC regulations, may in the future use social media outlets like Facebook or Twitter and its own website to announce key information in compliance with Reg FD.
This news release contains “forward-looking statements” as that term is defined in Section 27(a) of the United States Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, estimates of services and equipment markets, release of corporate apps, growth of platform, target markets, product releases, product demand and, business strategy. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also consider that any investment in securities is at risk.
Details of the Company’s business, finances, appointments and agreements can be found as part of the Company’s continuous public disclosure on otcmarkets.com.
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