Offering sells promissory notes due Sept. 6, 2014 to Asher Enterprises
By Devika Patel
Knoxville, Tenn., Dec. 18 - Yappn Corp. sold a $42,500 8% convertible promissory note to Asher Enterprises, Inc. in a private placement on Dec. 12, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The note is convertible into common shares at a conversion price equal to 61% of the average of the three lowest trade prices of the stock for the 10 trading days preceding conversion. The note matures on Sept. 6, 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.
|
| Issue: | Convertible promissory note
|
| Amount: | $42,500
|
| Maturity: | Sept. 6, 2014
|
| Coupon: | 8%
|
| Conversion price: | 61% of the average of the three lowest trade prices of the stock for the 10 trading days preceding conversion
|
| Warrants: | No
|
| Investor: | Asher Enterprises, Inc.
|
| Settlement date: | Dec. 12
|
| Stock symbol: | OTCBB: YPPN
|
| Stock price: | $0.06 at close Dec. 11
|
| Market capitalization: | $5.27 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
