Six-month unsecured note sold with two-year warrants for 21,000 shares
By Devika Patel
Knoxville, Tenn., March 8 – Virtual Piggy, Inc. sold $105,100 of unsecured promissory notes in a private placement from March 2 to March 4, 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.
The investors also received warrants for 21,000 common shares. The warrants are each exercisable at $0.90 for two years. The strike price is a 429.41% premium to the March 1 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: | $105,100
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| Maturity: | Six months
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| Coupon: | 10%
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| Warrants: | For 21,000 shares
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| Warrant expiration: | Two years
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| Warrant strike price: | $0.90
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| Settlement dates: | March 2 to March 4
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| Stock symbol: | OTCBB: VPIG
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| Stock price: | $0.17 at close March 1
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| Market capitalization: | $21.11 million
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