Viaspace settles $5,000 of its $1 million convertible loan financing

6% two-year secured convertible promissory notes sold to Kevin Schewe

By Devika Patel

Knoxville, Tenn., Jan. 20 – Viaspace Inc. raised $5,000 in a tranche of a $1 million convertible loan financing with Kevin Schewe on Jan. 13, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

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 50% of the average closing price of the stock for the 20 trading days prior to settlement.

The company has borrowed $1 million from Schewe since the loan agreement began, which includes the Jan. 13 loan.

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, common stock
Amount:	$1 million
Agreement tenor:	Five years
Note maturity:	Two years
Coupon:	6%
Conversion price:	50% of the average closing price of the stock for the 20 trading days prior to settlement
Warrants:	No
Investor:	Kevin Schewe
Pricing date:	September 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, 2013 (for $20,000); Feb. 25, 2013 (for $20,000); April 1, 2013 (for $20,000); April 26, 2013 (for $20,000), May 28, 2013 (for $20,000), May 29, 2013 (for $30,000), June 24, 2013 (for $25,000), July 29, 2013 (for 18,000), Aug. 28, 2013 (for $17,000), Sept. 24, 2013 (for $20,000), Oct. 25, 2013 (for $17,000), Jan. 29, 2014 (for $12,000), Feb. 26, 2014 (for $17,000), April 23, 2014 (for $22,000), May 21, 2014 (for $17,000), July 18, 2014 (for $20,000), Aug. 20, 2014 (for $25,000), Sept. 23, 2014 (for $36,000), Nov. 6, 2014 (for $40,000), Jan. 21, 2015 (for $35,000), Feb. 19, 2015 (for $40,000), March 25, 2015 (for $30,000), June 25 (for $28,000), Aug. 19 (for $35,000), Sept. 2 (for $35,000), Sept. 25 (for $27,000), Nov. 9 (for $20,000), Nov. 23 (for $25,000), Dec. 22 (for $33,000), Jan. 13 (for $5,000)
Stock symbol:	OTCBB: VSPC
Market capitalization:	$2.61 million

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