Strategic Internet Investments, Incorporated (OTCPK:SIII) agreed to acquire 50% stake in Parsan Turizm Anonim Sirketi from G7 Entertainment Incorporated, Najibi Investment Incorporation, Soha Investment Inc. and Royaltun General Trading LLC for $44.4 million on August 30, 2016. The consideration was paid by issuing convertible debentures, which are due on December 31, 2021. The holder may convert the Debenture into common stock of Strategic Internet Investments, Incorporated at any time at a price of $1.00 per share. As per the agreement Strategic Internet Investments, Incorporated paid $12.4 million to Najibi Investment Incorporation, $4.1 million to Royaltun General Trading LLC, $2.1 million to G7 Entertainment Incorporated and $2.1 million to Soha Investment Inc. In addition Strategic Internet Investments Incorporated also paid $23.7 million to Najibi Investment Incorporation towards payment of bank debt to T.C. Ziraat Bankasi A.S. As of October 14, 2016, Strategic Internet Investments, Incorporated cancelled the Securities Purchase Agreement signed on August 30, 2016, and entered into a new Securities Purchase Agreement to acquire the 50% stake in Parsan Turizm Anonim Sirketi from G7 Entertainment Incorporated, Najibi Investment Incorporation, Soha Investment Inc. and Royaltun General Trading LLC for $47.4 million. The consideration will comprise of issuance of new, amended Debentures. Closing will occur pursuant to the payment in full of the Ziraat Bank Debt and $3 million towards working capital requirements. Under the new SPAs, Parsan Turizm Anonim Sirketi and the Investors agreed that the closing of the purchase of 50% of Parsan Turizm Anonim Sirketi will occur upon the delivery of certain documents and the occurrence of other events, the most important of which are Payment in full of the Ziraat Bank Debt and written confirmation thereof, Release of all liens on the Marriott hotel, Transfer of 50% of the stock of Par- San to the Company, Payment of $3,000,000 to the Company for working capital.