Deal sells two-year discounted convertibles to investor JMJ Financial
By Devika Patel
Knoxville, Tenn., Nov. 21- Yappn Corp. sold a $500,000 convertible note for $450,000 in a private placement with JMJ Financial on Nov. 15, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The note is convertible into common shares at a conversion price equal to the lower of $0.075 per share or 60% of the lowest trade price in the 25 days preceding conversion. The note matures in two years.
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.
|
| Issue: | Convertible note
|
| Amount: | $500,000
|
| Maturity: | Two years
|
| Price: | $450,000
|
| Conversion price: | The lower of $0.075 per share or 60% of the lowest trade price in the 25 days preceding conversion
|
| Warrants: | No
|
| Investor: | JMJ Financial
|
| Settlement date: | Nov. 15
|
| Stock symbol: | OTCBB: YPPN
|
| Stock price: | $0.06 at close Nov. 14
|
| Market capitalization: | $7.5 million
|
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