Online security service will use proceeds for general purposes
By Devika Patel
Knoxville, Tenn., March 1 - Virtual Piggy, Inc. completed a $1.13 million second tranche of a private placement of units on Feb. 29, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal priced for $5 million with a $500,000 greenshoe in December and was reported on Feb. 13, when the company said it raised $1.43 million on Feb. 10.
The company sold 2,038,571 units at $0.70 apiece in the initial closing and 1,618,642 units in the second tranche.
Each unit consists of two common shares and one warrant, with each warrant exercisable at $0.50 for two years. The strike price reflects a 13.79% discount to the Feb. 10 closing share price of $0.58.
Investors include company director 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 common shares and one warrant
|
| Amount: | $5 million
|
| Price: | $0.70
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.50
|
| Investor: | Kirk Bradley
|
| Settlement date: | Feb. 10 (for $1,427,000), Feb. 29 (for $1,133,049)
|
| Stock symbol: | OTCBB: VPIG
|
| Stock price: | $0.58 at close on Feb. 10
|
| Market capitalization: | $37.71 million
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