Charge Enterprises Inc., which includes global businesses with the vision to connect people with communications and electric-vehicle charging, has entered into a Securities Purchase Agreement with Island Capital Group LLC, a merchant bank specializing in real estate transactions.
Island Capital as a whole has had over 30 years of expertise in over $250 billion of transactions ranging across fund management, financial advisory, and consulting. Island Capital has been issued approximately 1.4 million shares of Charge common stock at $7 per share, the gross proceeds total a minimum of $7.5 million and a maximum of $10 million. The Securities Purchase Agreement also issues warrants to purchase up to 2 million shares of Charge’s common stock with an exercise price of $8.50 per share under a three-year term.
Charge plans to use the proceeds to invest in organic growth, for general corporate purposes, and working capital. The funding is expected to close by the end of April. These securities have not yet been registered under the Securities Act of 1933 or any state security law. They will not be sold without registration in the SEC.
Island Global Yachting (IGY Marinas), a luxury marina operating company, founded by Andrew Farkas, recently announced its addition of yet another international marina to its global marina network. The St. Katharine Docks Marina (SKD Marina), located in London, England becomes the 18th marina in IGY’s network, spanning across 11 countries. Growing from just a few marinas in the Caribbean to a global network of marinas reflects the tremendous success and growth IGY has seen under Farkas Chairmanship.
SKD Marina is a historic, 5 Gold Anchor, 185-ship facility, as well as the only marina in Central London. IGY will be adding St.Katherine’s alongside its other European marinas, such as Malaga (Spain), Sète (France) and Porto Cervo (Sardinia). IGY has stated that the move into London was facilitated by a projected increase in tourism post-Brexit.
With the help of Chairman and Founder Andrew Farkas, IGY looks to bring new life to the SKD Marina. Improvement of customer service, operating procedures, and overall global marketing awareness are key points of emphasis for the luxury yacht operation company. This expansion operation of yet another luxury marina cements IGY as the largest international superyacht destination company in the world.
Andrew Farkas is the Chief Executive Officer of C-III Capital Partners—a leading commercial real estate services and investment management company with principal offices in New York City and Irving, Texas. The company took control of a retail property known as the Chesterfield Mall, located near St. Louis, Missouri, following a foreclosure action in 2017 before putting a majority of it for sale in March of 2018.
The location is now set to be replaced by a new development aiming to mimic a walkable urban area. The development is being called Chesterfield Outlets and construction has begun to create The District, which is slated to include a new concert space in addition to other entertainment offerings.
With a leadership team that has been together for over 20 years and successfully built one of the largest fully-integrated real estate services companies, C-III Capital Partners uses their expertise, experience and platform to further enhance their track record, as well as deliver superior and long terms funds to their investors.