6% two-year secured convertible promissory notes sold to Kevin Schewe
By Devika Patel
Knoxville, Tenn., Oct. 23 - Viaspace Inc. raised $35,000 in the second tranche of a $1 million convertible loan financing with Kevin Schewe on Oct. 23, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The company raised $50,000 on Sept. 28 and may borrow additional tranches over the agreement's five-year tenor.
Each loan tranche will be represented by a 6% two-year secured convertible promissory note. The notes are convertible into common stock at a conversion price equal to 80% of the average closing price of the stock for the 20 trading days prior to settlement.
Based in Pasadena, Calif., ViaSpace develops technologies used by NASA and the U.S. Department of Defense.
Issuer: | Viaspace Inc.
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Issue: | Convertible loan financing, with principal represented by secured convertible promissory note
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Amount: | $1 million
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Tenor: | Five years
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Maturity: | Two years
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Coupon: | 6%
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Conversion price: | 80% 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: | Sept. 30
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Settlement date: | Sept. 28 (for $50,000), Oct. 23 (for $35,000)
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Stock symbol: | OTCBB: VSPC
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Market capitalization: | $8.3 million
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