Company sells six-month notes with two-year warrants for 18,000 shares
By Marisa Wong
Morgantown, W.Va., Feb. 4 – Virtual Piggy, Inc. sold $90,000 of promissory notes in private placements on Jan. 29 and Feb. 3, 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 three investors also received warrants for a total of 18,000 common shares. The warrants are each exercisable at $0.90 for two years. The strike price is a 400% premium to the Jan. 28 closing share price of $0.18.
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: | Promissory notes
|
| Amount: | $90,000
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| Maturity: | Six months; earlier if the company completes a specified joint venture agreement or completes the sale of at least an additional $1 million of 10% secured convertible promissory notes
|
| Coupon: | 10%
|
| Warrants: | For 18,000 shares
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| Warrant expiration: | Two years
|
| Warrant strike price: | $0.90
|
| Settlement dates: | Jan. 29 and Feb. 3
|
| Stock symbol: | OTCBB: VPIG
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| Stock price: | $0.18 at close Jan. 28
|
| Market capitalization: | $25.59 million
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