Published on 8/30/2016 in the Prospect News Green Finance Daily and Prospect News PIPE Daily.
Viaspace wraps $31,000 tranche of $300,000 convertible loan offering
8% two-year secured convertible notes are being sold to Kevin Schewe
By Devika Patel
Knoxville, Tenn., Aug. 30 – Viaspace Inc. raised $31,000 in a tranche of a $300,000 convertible loan financing with Kevin Schewe on Aug. 26, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The one-year deal priced on Jan. 25, 2016 and raised $15,000 on Jan. 27, 2016, $15,000 on Feb. 26, 2016, $15,000 on March 28, $35,000 on April 12, $10,000 on May 4, $15,000 on May 31, $25,000 on June 9, $30,000 on July 14 and $5,000 on July 26.
Each loan tranche is 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 $31,000 loan made on Aug. 26 will convert into 77.5 million shares at a price of $0.0004 per share.
Based in Walnut, Calif., Viaspace is a renewable and alternative energy company.
| Issuer: | Viaspace Inc.
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| Issue: | Convertible loan financing, with principal represented by secured convertible notes
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| Amount: | $300,000
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| Agreement tenor: | One year
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| Note maturity: | One year
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| Coupon: | 8%
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| Conversion price: | 20% of the average closing price of the stock for the 20 trading days prior to settlement
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| Warrants: | No
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| Investor: | Kevin Schewe
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| Pricing date: | Jan. 25, 2016
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| Settlement dates: | Jan. 27, 2016 (for $15,000), Feb. 26, 2016 (for $15,000), March 28 (for $15,000), April 12 (for $35,000), May 4 (for $10,000), May 31 (for $15,000), June 9 (for $25,000), July 14 (for $30,000), July 26 (for $5,000), Aug. 26 (for $31,000)
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| Stock symbol: | OTCBB: VSPC
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| Market capitalization: | $2.69 million
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