Company sells six-month note with two-year warrants for 10,000 shares
By Marisa Wong
Morgantown, W.Va., April 29 – Virtual Piggy, Inc. issued a $50,000 promissory note in a private placement on April 25, according to an 8-K filed Friday with the Securities and Exchange Commission.
The note matures in six months and bears interest at 10% per year.
The investor also received warrants for 10,000 common shares. The two-year warrants are each exercisable at $0.90 per share. The strike price is a 718% premium to the April 22 closing share price of $0.11.
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 note
|
| Amount: | $50,000
|
| Maturity: | Six months
|
| Coupon: | 10%
|
| Warrants: | For 10,000 shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.90
|
| Settlement date: | April 25
|
| Stock symbol: | OTCBB: VPIG
|
| Stock price: | $0.09 at close April 28
|
| Market capitalization: | $10.3 million
|
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