Deal sells 800,000 shares at $0.75 per share to fund working capital
By Devika Patel
Knoxville, Tenn., April 3 - Virtual Piggy, Inc. completed a $600,000 private placement of stock on March 28 and March 31, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 800,000 common shares at $0.75 apiece. The price per share is a 50.66% discount to the March 27 closing share price of $1.52.
Proceeds will be used for general working capital 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: | Common shares
|
| Amount: | $600,000
|
| Shares: | 800,000
|
| Price: | $0.75
|
| Warrants: | No
|
| Settlement date: | March 28 and March 31
|
| Stock symbol: | OTCBB: VPIG
|
| Stock price: | $1.52 at close March 27
|
| Market capitalization: | $170.94 million
|
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