Six-month unsecured note sold with two-year warrants for 40,000 shares
By Devika Patel
Knoxville, Tenn., March 18 – Virtual Piggy, Inc. sold $200,000 of unsecured promissory notes in a private placement on March 15, according to an 8-K filed Friday with the Securities and Exchange Commission.
The notes mature in six months and bear interest at 10% per year.
The investor also received 20% warrant coverage, or warrants for 40,000 common shares. The warrants are each exercisable at $0.90 for two years. The strike price is a 400% premium to the March 14 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.
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| Issue: | Unsecured promissory notes
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| Amount: | $200,000
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| Maturity: | Six months
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| Coupon: | 10%
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| Warrants: | 20% coverage
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| Warrant expiration: | Two years
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| Warrant strike price: | $0.90
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| Settlement dates: | March 15
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| Stock symbol: | OTCBB: VPIG
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| Stock price: | $0.18 at close March 14
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| Market capitalization: | $16.07 million
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