Six-month unsecured note sold with two-year warrant for 10,000 shares
By Devika Patel
Knoxville, Tenn., June 7 – Virtual Piggy, Inc. sold $50,000 of unsecured promissory notes to director Kirk Bradley in a private placement on June 1, 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.
Bradley also received warrants for 10,000 common shares. The warrants are each exercisable at $0.90 for two years. The strike price is a 542.86% premium to the May 31 closing share price of $0.14.
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: | $50,000
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| Maturity: | Six months
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| Coupon: | 10%
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| Warrants: | For 10,000 shares
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| Warrant expiration: | Two years
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| Warrant strike price: | $0.90
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| Investor: | Kirk Bradley
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| Settlement dates: | June 1
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| Stock symbol: | OTCBB: VPIG
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| Stock price: | $0.14 at close May 31
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| Market capitalization: | $16.34 million
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