Six-month unsecured notes sold with two-year warrants for 12,500 shares
By Devika Patel
Knoxville, Tenn., Jan. 21 – Virtual Piggy, Inc. sold $62,500 of unsecured promissory notes in a private placement on Jan. 15 and Jan. 19, 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 12,500 common shares. The warrants are each exercisable at $0.90 for two years. The strike price is a 429.41% premium to the Jan. 14 closing share price of $0.17.
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.
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| Issue: | Unsecured promissory notes
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| Amount: | $62,500
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| Maturity: | Six months
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| Coupon: | 10%
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| Warrants: | For 12,500 shares
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| Warrant expiration: | Two years
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| Warrant strike price: | $0.90
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| Fees: | 7.5%
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| Settlement dates: | Jan. 15 and Jan. 19
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| Stock symbol: | OTCBB: VPIG
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| Stock price: | $0.17 at close Jan. 14
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| Market capitalization: | $20.51 million
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