Company sells 8% convertibles due July 2, 2014 in private offering
By Devika Patel
Knoxville, Tenn., Oct. 15 - Yappn Corp. settled a $78,500 convertible note private placement on Oct. 9, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 8% note is convertible into common shares at a conversion price equal to 61% of the average of the lowest three closing bid prices of the stock for the 10 trading days preceding the conversion date. The note matures July 2, 2014.
The New York company is developing a social media website that will host multi-language conversations based on different topics, such as interests, brands and activities.
Issuer: | Yappn Corp.
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Issue: | Convertible note
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Amount: | $78,500
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Maturity: | July 2, 2014
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Coupon: | 8%
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Conversion price: | 61% of the average of the lowest three closing bid prices of the stock for the 10 trading days preceding the conversion date
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Warrants: | No
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Settlement date: | Oct. 9
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Stock symbol: | OTCBB: YPPN
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Stock price: | $0.08 at close Oct. 8
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Market capitalization: | $9.03 million
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