Published on 8/29/2013 in the Prospect News PIPE Daily.
Viaspace settles $17,000 of $1 million five-year convertible financing
6% two-year secured convertible promissory notes sold to Kevin Schewe
By Devika Patel
Knoxville, Tenn., Aug. 29 - Viaspace Inc. raised $17,000 in a tranche of a $1 million convertible loan financing with Kevin Schewe on Aug. 28, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company raised $50,000 on Sept. 28, 2012, $35,000 on Oct. 23, 2012, $20,000 on Nov. 27, 2012, $30,000 on Dec. 31, 2012, $20,000 on Jan. 30, $20,000 on Feb. 25, $20,000 on April 1, $20,000 on April 26, $30,000 on May 29, $25,000 on June 24 and $18,000 on July 29. It may borrow additional tranches over the agreement's five-year tenor.
Each loan tranche is 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 Walnut, Calif., Viaspace is a renewable and alternative energy company.
| Issuer: | Viaspace Inc.
|
| Issue: | Convertible loan financing, with principal represented by secured convertible promissory notes
|
| Amount: | $1 million
|
| Tenor of agreement: | Five years
|
| Tenor of notes: | Two years
|
| Coupon: | 6%
|
| Conversion price: | 80% of the average closing price of the stock for the 20 trading days prior to settlement
|
| Warrants: | No
|
| Investor: | Kevin Schewe
|
| Pricing date: | Sept. 30, 2012
|
| Settlement dates: | Sept. 28, 2012 for $50,000, Oct. 23, 2012 for $35,000, Nov. 27, 2012 for $20,000, Dec. 31, 2012 for $30,000, Jan. 30 for $20,000; Feb. 25 for $20,000; April 1 for $20,000; April 26 for $20,000, May 29 for $30,000, June 24 for $25,000, July 29 for 18,000, Aug. 28 for $17,000
|
| Stock symbol: | OTCBB: VSPC
|
| Stock price: | $0.01 at close Nov. 26, 2012
|
| Market capitalization: | $12.06 million
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