Online security service will use proceeds for general purposes
New York, Feb. 13 - Virtual Piggy, Inc. said it has raised $1,427,000 from a private placement of units that it began in December, according to an 8-K filing with the Securities and Exchange Commission.
As of Friday, the company had sold 2,038,571 units at $0.70 each. The units are made up of two shares of common stock and a warrant to buy one further share, exercisable for two years at $0.50.
The company planned to raise up to $5 million when it started the sale, plus a possible additional $500,000 for over-allotments.
Virtual Piggy sold the units to accredited investors, including one of its directors, Kirk Bradley.
Proceeds will be used for general corporate purposes.
Virtual Piggy is a Philadelphia-based company developing its online "Piggy Bank" security service that will allow parents to set up and control their children's spending online.
| Issuer: | Virtual Piggy, Inc.
|
| Issue: | Units of two shares and one warrant
|
| Amount: | $1,427,000
|
| Units: | 2,038,571
|
| Price: | $0.70
|
| Warrants: | 2,038,571
|
| Warrant strike price: | $0.50
|
| Warrant expiration: | 2 years
|
| Announcement date: | Feb. 13
|
| Stock symbol: | OTC Bulletin Board: VPIG
|
| Stock price: | $0.58 at close on Feb. 10
|
| Market capitalization: | $38 million
|
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