8% two-year secured convertible notes are being sold to Kevin Schewe
By Devika Patel
Knoxville, Tenn., Jan. 28 – Viaspace Inc. raised $15,000 in a tranche of a $300,000 convertible loan financing with Kevin Schewe on Jan. 27, according to an 8-K filed Thursday with the Securities and Exchange Commission. The one-year deal priced on Jan. 25.
Each loan tranche will be represented by an 8% two-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.
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 note
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| Amount: | $300,000
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| Agreement tenor: | One year
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| Note maturity: | Two years
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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: | September 2012
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| Pricing date: | Jan. 25
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| Settlement date: | Jan. 27 (for $15,000)
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| Stock symbol: | OTCBB: VSPC
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| Market capitalization: | $5.88 million
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