Six-month unsecured notes sold to Martha McGeary Snider with warrants
By Devika Patel
Knoxville, Tenn., Nov. 23 – Virtual Piggy, Inc. sold $20,000 of unsecured promissory notes to its chairman Martha McGeary Snider in a private placement on Nov. 19, according to an 8-K filed Monday with the Securities and Exchange Commission.
The notes mature in six months and bear interest at 10% per year.
Snider also received warrants for 4,000 common shares. The warrants are each exercisable at $0.90 for two years. The strike price is a 157.14% premium to the Nov. 18 closing share price of $0.35.
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: | $20,000
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| Maturity: | Six months
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| Coupon: | 10%
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| Warrants: | For 4,000 shares
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| Warrant expiration: | Two years
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| Warrant strike price: | $0.90
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| Investor: | Martha McGeary Snider
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| Settlement date: | Nov. 19
|
| Stock symbol: | OTCBB: VPIG
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| Stock price: | $0.35 at close Nov. 18
|
| Market capitalization: | $37.64 million
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