Viaspace wraps $10,000 tranche of $300,000 convertible loan offering

8% two-year secured convertible notes are being sold to Kevin Schewe

By Devika Patel

Knoxville, Tenn., May 10 – Viaspace Inc. raised $10,000 in a tranche of a $300,000 convertible loan financing with Kevin Schewe on May 4, according to an 8-K filed Thursday with the Securities and Exchange Commission. The one-year deal priced on Jan. 25, raised $15,000 on Jan. 27, raised $15,000 on Feb. 26, raised $15,000 on March 28 and raised $35,000 on April 12.

Each loan tranche will be represented by an 8% one-year secured convertible note. The notes are convertible into common stock at a conversion price equal to 20% of the average closing price of the stock for the 20 trading days prior to settlement.

If Schewe chooses to convert, the $10,000 loan made on May 4 would convert into 12.5 million shares at a price of $0.0008 per share.

Based in Walnut, Calif., Viaspace is a renewable and alternative energy company.

Issuer:	Viaspace Inc.
Issue:	Convertible loan financing, with principal represented by secured convertible notes
Amount:	$300,000
Agreement tenor:	One year
Note maturity:	One year
Coupon:	8%
Conversion price:	20% of the average closing price of the stock for the 20 trading days prior to settlement
Warrants:	No
Investor:	Kevin Schewe
Pricing date:	Jan. 25
Settlement dates:	Jan. 27 (for $15,000), Feb. 26 (for $15,000), March 28 (for $15,000), April 12 (for $35,000), May 4 (for $10,000)
Stock symbol:	OTCBB: VSPC
Market capitalization:	$9.7 million

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