Six-month 10% unsecured notes were sold with two-year warrants in deal
By Devika Patel
Knoxville, Tenn., Aug. 18 – Virtual Piggy, Inc. sold $100,100 of unsecured promissory notes in a private placement on Aug. 12, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The notes mature in six months and bear interest at 10% per year.
Investors also received warrants for 20,000 common shares. The warrants are each exercisable at $0.90 for two years. The strike price is a 350% premium to the Aug. 11 closing share price of $0.20.
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
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| Amount: | $100,100
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| Maturity: | Six months
|
| Coupon: | 10%
|
| Warrants: | For 20,000 shares
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| Warrant expiration: | Two years
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| Warrant strike price: | $0.90
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| Settlement date: | Aug. 12
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| Stock symbol: | OTCBB: VPIG
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| Stock price: | $0.20 at close Aug. 11
|
| Market capitalization: | $23.85 million
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