BlackStar Enterprise Group, Inc. announced that it expects to receive $0.10375 million in funding
July 25, 2021
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BlackStar Enterprise Group, Inc. announced that it has entered into a securities purchase agreement for a private placement of a convertible promissory note for gross proceeds of $103,750 on July 26, 2021. The transaction will include participation from PowerUp Lending Group, Ltd. The note bears an interest rate of 10%. The note has a maturity date of July 26, 2022. The note will convert into common shares at a discount of 35% of the market price. The note will additionally bear an interest rate of 22% per annum in the event of default. The company may prepay the note in whole or in part at any time, up to 180 days after the issue date, by paying the principal amount to be prepaid together with premium interest thereon to the date of prepayment which is 120% for 1-60 days, 125% for 61-90 days, 130% for 91-120 day, 135% for 121-150 days, and 139% for 151-180 days.
BlackStar Enterprise Group, Inc. is engaged in merchant banking and finance in the United States. The Company facilitates joint venture capital to early-stage revenue companies. It is also developing a blockchain-based software platform to trade electronic fungible shares of its common stock. It intends to offer consulting and regulatory compliance services to crypto-equity companies and blockchain entrepreneurs for securities, tax, and commodity issues. It is conducting ongoing analysis for opportunities in involvement in crypto-related ventures through its wholly owned subsidiary, Blockchain Equity Management Corp., (BEMC), mainly in the areas of blockchain and distributed ledger technologies (DLT). As a merchant bank, the Company intends to seek to provide access to capital for companies and is specifically seeking out ventures involved in DLT or blockchain. It intends to facilitate funding and management of DLT-involved companies through majority controlled joint ventures.