Six-month 10% unsecured notes were sold with two-year warrants in deal
By Devika Patel
Knoxville, Tenn., July 24 – Virtual Piggy, Inc. sold $250,200 of unsecured promissory notes in a private placement on July 20, according to an 8-K filed Friday with the Securities and Exchange Commission.
The notes mature in six months and bear interest at 10% per year.
Investors also received about 20% warrant coverage. The warrants are each exercisable at $0.90 for two years. The strike price is a 246.15% premium to the July 17 closing share price of $0.26.
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.
|
| Issue: | Unsecured promissory notes
|
| Amount: | $250,200
|
| Maturity: | Six months
|
| Coupon: | 10%
|
| Warrants: | About 20% coverage
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.90
|
| Settlement date: | July 20
|
| Stock symbol: | OTCBB: VPIG
|
| Stock price: | $0.26 at close July 17
|
| Market capitalization: | $26.8 million
|
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