Notes due Feb. 28, 2014 sold with two-year warrants for 175,000 shares
By Devika Patel
Knoxville, Tenn., Dec. 31 - Virtual Piggy, Inc. sold $1 million of promissory notes in a private placement on Dec. 27, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The notes mature on Feb. 28, 2014 and bear interest at 10% per year.
Investors also received warrants for 175,000 common shares. Of the warrants, 75,000 are each exercisable at $0.01 for two years and 100,000 are each exercisable at $1.00 for two years. The strike prices are 99.05% and 4.76% discounts, respectively, to the Dec. 26 closing share price of $1.05.
Virtual Piggy is a Hermosa Beach, Calif.-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.
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| Issue: | Promissory notes
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| Amount: | $1 million
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| Maturity: | Feb. 28, 2014
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| Coupon: | 10%
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| Warrants: | For 175,000 shares
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| Warrant expiration: | Two years
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| Warrant strike price: | $0.01, $1.00
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| Settlement date: | Dec. 27
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| Stock symbol: | OTCBB: VPIG
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| Stock price: | $1.05 at close Dec. 26
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| Market capitalization: | $114.74 million
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