Global Equity International Inc. Successfully Agrees on a Payment Plan with Mammoth Corporation in Order to Suspend Further Dilution of its Stock

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Dubai, Dec. 07, 2017 (GLOBE NEWSWIRE) — Global Equity International, Inc. (OTCQB:GEQU) and Mammoth Corporation would like to jointly announce that both parties have executed a legally binding agreement whereby Mammoth Corporation agreed to suspend further conversion of debt into equity and receive the remaining outstanding debt in six equal and manageable payments commencing January 15, 2018 and ending June 15, 2018. Subject to the agreement, Global Equity International Inc. agreed to allow Mammoth Corporation to execute one final conversion into equity, as it was their contractual right to do so anyway. In order to mitigate this final conversion, both parties agreed that Mammoth would be limited to a dribble-out and only be able to sell at a maximum rate of 15% of the Company´s daily trading volume. This dribble-out selling limitation should inherently allow the Company´s stock to continue to trade unencumbered.

Enzo Taddei, CFO of Global Equity International Inc., said: “I am very happy with the deal that I struck with Mr. Brad Hare, President of Mammoth Corporation, as it now allows us to finally put a cap on dilution and also allows us to maximize and manage the minimum US$2.64 million capital funding that we contractually agreed and expect to start to receive from William Marshal …

Full story available on Benzinga.com