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Share Capital And Share Premium | 12 Months Ended
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Dec. 31, 2019
Disclosure of classes of share capital [abstract] |
Share Capital and Share Premium | # 9 Share Capital and Share Premium The authorised share capital of Globus consisted of the following:
| December 31,
| 2019 | 2018 | 2017
Authorised share capital: |  |  |
500,000,000 Common shares of par value $0.004 each | 2,000 | 2,000 | 2,000
100,000,000 Class B Common shares of par value $0.001 each | 100 | 100 | 100
100,000,000 Preferred shares of par value $0.001 each | 100 | 100 | 100
Total authorised share capital | 2,200 | 2,200 | 2,200
Holders of the Company’s common shares and Class B shares have equivalent economic rights, but holders of Company’s common shares are entitled to one vote per share and holders of the Company’s Class B shares are entitled to twenty votes per share. Each holder of Class B shares may convert, at its option, any or all of the Class B shares held by such holder into an equal number of common shares.
Common Shares issued and fully paid | Number of shares | USD
As at January 1, 2017 | 262,755 | 1
Issued during the year for share based compensation (note 12) | 2,094 | -
Issuance of common stock | 2,750,000 | 11
Issuance of common stock due to exercise of warrants | 148,181 | 1
As at December 31, 2017 | 3,163,030 | 13
Issued during the year for share based compensation (note 12) | 8,797 | -
Issuance of common stock due to exercise of warrants | 37,500 | -
As at December 31, 2018 | 3,209,327 | 13
Issued during the year for share based compensation (note 12) | 17,998 | -
Issuance of common stock due to conversion of loan | 1,999,834 | 8
As at December 31, 2019 | 5,227,159 | 21
On February 8, 2017, the Company entered into a Share and Warrant Purchase Agreement (“February 2017 private placement”) pursuant to which it sold for $5,000, an aggregate of 500,000 of its common shares, par value $0.004 per share and warrants (the “February 2017 Warrants”) to purchase 2.5 million of its common shares at a price of $16 per share to four investors in a private placement. One investor is the CEO’s sister and the daughter of its chairman. These securities were issued in transactions exempt from registration under the Securities Act. The following day, the Company entered into a registration rights agreement with those purchasers providing them with certain rights relating to registration under the Securities Act of the Shares and the common shares underlying the Warrants. In connection with the closing of the February 2017 private placement, the Company also entered into two loan amendment agreements with existing lenders. One loan amendment agreement was entered into by the Company with Firment Trading Limited, the lender of the Firment Credit Facility, which then had an outstanding principal amount of $18,524. Firment Trading Limited released an amount equal to $16,885 (but left an amount equal to $1,639 outstanding, which continued to accrue under the Firment Credit Facility as though it were principal) of the Firment Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Firment Trading Limited, 1,688,500 common shares and a warrant to purchase 623,058 common shares at a price of $16 per share. The second loan amendment agreement in connection with the closing of the February 2017 private placement was entered into by the Company with Silaner Investments Limited, the lender of the Silaner Credit Facility. Silaner Investments Limited released an amount equal to the outstanding principal of $3,115 (but left an amount equal to $74 outstanding, which continued to accrue under the Silaner Credit Facility as though it were principal) of the Silaner Credit Facility and the Company issued to Firment Shipping Inc., an affiliate of Silaner Investments limited, 311,500 common shares and a warrant to purchase 114,944 common shares at a price of $16 per share. Further to the February 2017 private placement two investors, other than Firment Shipping Inc. and Silaner Investments Limited, partially exercised their warrants in 2017 purchasing 148,181 shares for the aggregate gross proceeds to the Company of approximately $2,371. In January 2018 one investor, other than Firment Shipping Inc. and Silaner Investments Limited, partially exercised its warrants, purchasing 37,500 of the Company’s common shares for aggregate gross proceeds to the Company of approximately $600. Each of the February 2017 Warrants were exercisable for 24 months after their respective issuance. As of December 31, 2019, in connection with the February 2017 private placement, the February 2017 Warrants outstanding had not been exercised and had expired, while as of December 31, 2018, the outstanding warrants were exercisable for an aggregate of 3,052,321 common shares. On October 19, 2017, the Company entered into a Share and Warrant Purchase Agreement (the “October 2017 SPA”) pursuant to which it sold for $2,500 an aggregate of 250,000 of its common shares, par value $0.004 per share and a warrant (the “October 2017 Warrant”) to purchase 1.25 million of its common shares at a price of $16 per share to an investor in a private placement (the “October 2017 Private Placement”). These securities were issued in transactions exempt from registration under the Securities Act of 1933, as amended. On that day, Company also entered into a registration rights agreement with the purchaser providing it with certain rights relating to registration under the Securities Act of the 250,000 common shares issued in connection with the October 2017 Private Placement and the common shares underlying the October 2017 Warrant. Under the terms of the October 2017 Warrant, the purchaser could not exercise its warrant to the extent such exercise would cause the purchaser, together with its affiliates and attribution parties, to beneficially own a number of common shares which would exceed 4.99% (which could be increased upon no less than 61 days’ notice, but not to exceed 9.99%) of Globus’s then outstanding common shares immediately following such exercise, excluding for purposes of such determination common shares issuable upon exercise of the October 2017 Warrant which were not exercised. This provision did not limit the purchaser from acquiring up to 4.99% of the Company’s common shares, selling all of its common shares, and re-acquiring up to 4.99% of the Company’s common shares. The October 2017 Warrant were exercisable for 24 months after its issuance. As of December 31, 2019, in connection with the October 2017 SPA, the October 2017 Warrant outstanding had not been exercised and had expired, while as of December 31, 2018, the outstanding warrants were exercisable for an aggregate of 1,250,000 common shares. The Company during 2017 had recorded $218 expense in connection with these warrants which was deducted from share premium in equity. During the years ended December 31, 2019, 2018 and 2017, Globus issued 17,998, 8,797 and 2,094 common shares, respectively as share-based payments. As of December 31, 2019, 2018 and 2017, the Company had no series A preferred shares outstanding. As of December 31, 2019, 2018 and 2017, no Class B shares were outstanding. On April 23, 2019, the outstanding principal amount of $3,100 plus the accrued interest of $70 outstanding under the Firment Shipping Inc. Credit Facility was converted to share capital at a conversion price of $2.80 per share and, accordingly, the Company issued 1,132,191 new common shares to Firment Shipping Inc. During the year ended December 31, 2019, an amount corresponding to $ 1,691,250 plus the accrued interest of $97,311 under the Convertible Note with Arnaki (Note 11) was converted to share capital and the Company issued 867,643 new common shares to Arnaki. Share premium includes the contribution of Globus’ shareholders to the acquisition of the Company’s vessels. Additionally, share premium includes the effects of the Globus initial and follow-on public offerings, the effects of the settlement of the related party loans (note 4) with the issuance of the Company’s common shares and the effects of the share based payments described in note 12. Accordingly, at December 31, 2019, 2018 and 2017, Globus share premium amounted to $145,506, $140,334 and $139,684, respectively.

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