Company sells $127,845 unsecured promissory note, 2.5 million shares
By Devika Patel
Knoxville, Tenn., April 23 - Voice Assist, Inc. sold a $127,845 unsecured convertible promissory note on April 17, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The company also raised $200,000 in a private placement of stock on April 22.
The 10% note is due July 16, 2013 and may be converted into common shares at $0.09 per share, which is a 12.5% premium to the April 16 closing share price of $0.08.
In the placement of shares, the company sold 2.5 million common shares. The price per share of $0.08 is an 11.11% discount to the April 19 closing share price of $0.09.
The Lake Forest, Calif., company offers cloud-based speech recognition technology designed to voice-enable mobile applications.
Issuer: | Voice Assist, Inc.
|
Issue: | Unsecured convertible promissory note, common stock
|
Amount: | $327,845
|
Warrants: | No
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Stock symbol: | OTCBB: VSST
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Market capitalization: | $3.78 million
|
|
Note
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Amount: | $127,845
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Maturity: | July 16, 2013
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Coupon: | 10%
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Conversion price: | $0.09
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Conversion premium: | 12.5%
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Settlement date: | April 17
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Stock price: | $0.08 at close April 16
|
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Shares
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Amount: | $200,000
|
Shares: | 2.5 million
|
Price: | $0.08
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Settlement date: | April 22
|
Stock price: | $0.09 at close April 19
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