Published on 4/1/2013 in the Prospect News PIPE Daily.
Viaspace wraps $20,000 of $1 million five-year convertible financing
6% two-year secured convertible promissory notes sold to Kevin Schewe
By Toni Weeks
San Luis Obispo, Calif., April 1 - Viaspace Inc. raised another $20,000 in the seventh tranche of a $1 million convertible loan financing with Kevin Schewe on March 28, according to an 8-K filed Monday with the Securities and Exchange Commission. The company raised $50,000 on Sept. 28, $35,000 on Oct. 23, $20,000 on Nov. 27, $30,000 on Dec. 31, $20,000 Jan. 30 and $20,000 on Feb. 25. It 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.
According to the filing, Schewe converted $20,000 of loans into 1,680,672 shares on March 28 at a conversion price of $0.0119.
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 note
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| Amount: | $1 million
|
| Tenor: | Five years
|
| Maturity: | 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
|
| Settlement dates: | Sept. 28, 2013 (for $50,000), Oct. 23 (for $35,000), Nov. 27 (for $20,000), Dec. 31 (for $30,000); Jan. 30 (for $20,000); Feb. 25 (for $20,000); April 1 (for $20,000)
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| Stock symbol: | OTCBB: VSPC
|
| Stock price: | $0.01 at close Nov. 26
|
| Market capitalization: | $17.14 million
|
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