Offering sells units of two shares and 1.5 warrants at $0.80 per unit
By Devika Patel
Knoxville, Tenn., May 8 - Virtual Piggy, Inc. settled a $150,000 private placement of units with Fiordaliso, Ltd. on May 2, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The investor will buy another $850,000 of units in six tranches.
The company sold 187,500 units of two common shares and 1.5 warrants at $0.80 per unit.
The first full warrant is exercisable at $0.50 for two years, and the second half-share warrant is exercisable at $1.00 for three years. The strike prices reflect 50.5% and 0.99% discounts to the May 1 closing share price of $1.01.
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 1.5 warrants
|
| Amount: | $1 million
|
| Price: | $0.80
|
| Warrants: | 1.5 warrants per unit
|
| Warrant expiration: | Two years, three years
|
| Warrant strike prices: | $0.50, $1.00
|
| Investor: | Fiordaliso, Ltd.
|
| Settlement date: | May 2 (for $150,000)
|
| Stock symbol: | OTCBB: VPIG
|
| Stock price: | $1.01 at close on May 1
|
| Market capitalization: | $100.89 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
