8% two-year secured convertible notes are being sold to Kevin Schewe
By Devika Patel
Knoxville, Tenn., March 31 – Viaspace Inc. raised $15,000 in a tranche of a $300,000 convertible loan financing with Kevin Schewe on Feb. 26, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The one-year deal priced on Jan. 25, raised $15,000 on Jan. 27 and another $15,000 on Feb. 26.
The company also settled a $3,000 placement of stock.
Each loan tranche is represented by an 8% one-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.
In the stock sale, Viaspace sold 5 million common shares at $0.0006 per share to its chief technology officer and director Carl Kukkonen. The price is equal to 20% of the average closing price of the stock for the 20 trading days preceding the settlement date, the company said in the filing.
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 note, common stock
|
| Amount: | $303,000
|
| Warrants: | No
|
| Stock symbol: | OTCBB: VSPC
|
| Market capitalization: | $5.19 million
|
|
|
| Loan
|
| Amount: | $300,000
|
| Agreement tenor: | One year
|
| Note maturity: | One year
|
| Coupon: | 8%
|
| Conversion price: | 20% of the average closing price of the stock for the 20 trading days prior to settlement
|
| Investor: | Kevin Schewe
|
| Pricing date: | Jan. 25
|
| Settlement dates: | Jan. 27 (for $15,000), Feb. 26 (for $15,000), March 28 (for $15,000)
|
|
|
| Placement of stock
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| Amount: | $3,000
|
| Shares: | 5 million
|
| Price: | $0.0006
|
| Investor: | Carl Kukkonen
|
| Settlement date: | March 28
|
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