Six-month unsecured notes sold with two-year warrants for 13,000 shares
By Devika Patel
Knoxville, Tenn., Dec. 31 – Virtual Piggy, Inc. sold $65,000 of unsecured promissory notes in a private placement on Dec. 28 and Dec. 29 to two accredited investors, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The notes mature in six months and bear interest at 10% per year.
The two investors also received warrants for 13,000 common shares. The warrants are each exercisable at $0.90 for two years. The strike price is a 373.68% premium to the Dec. 24 closing share price of $0.19.
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: | $65,000
|
| Maturity: | Six months
|
| Coupon: | 10%
|
| Warrants: | For 13,000 shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.90
|
| Fees: | 7.5%
|
| Settlement dates: | Dec. 28 and Dec. 29
|
| Stock symbol: | OTCBB: VPIG
|
| Stock price: | $0.19 at close Dec. 24
|
| Market capitalization: | $20.52 million
|
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