Six-month 10% unsecured notes were sold with two-year warrants in deal
By Devika Patel
Knoxville, Tenn., Oct. 20 – Virtual Piggy, Inc. sold $200,000 of unsecured promissory notes in a private placement on Oct. 15, 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 40,000 common shares. The warrants are each exercisable at $0.90 for two years. The strike price is a 143.24% premium to the Oct. 14 closing share price of $0.37.
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: | $200,000
|
| Maturity: | Six months
|
| Coupon: | 10%
|
| Warrants: | For 40,000 shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.90
|
| Settlement date: | Oct. 15
|
| Stock symbol: | OTCBB: VPIG
|
| Stock price: | $0.37 at close Oct. 14
|
| Market capitalization: | $45.32 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.
