Two-year note was sold in units along with warrants for 20,000 shares
By Devika Patel
Knoxville, Tenn., April 1 - Yappn Corp. settled a $469,000 private placement of two-year unsecured convertible promissory notes in March, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 10% notes were sold in units, with each of the 469 units consisting of one $1,000 note and warrants for 20,000 shares.
Of the warrants, half are exercisable at $0.15 and the remainder is exercisable at $0.20. The strike prices are 31.82% and 9.09% discounts to the March 31 closing share price of $0.22. The note converts to stock at $0.10 per share, which is a 54.55% discount to the March 31 closing price.
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: | Units of a $1,000 unsecured convertible promissory note and warrants for 20,000 shares
|
| Amount: | $469,000
|
| Units: | 469
|
| Price: | $1,000
|
| Maturity: | Two years
|
| Coupon: | 6%
|
| Conversion price: | $0.10
|
| Warrants: | Warrants for 20,000 shares per unit
|
| Warrant strike price: | $0.15, $0.20
|
| Announcement date: | April 1
|
| Stock symbol: | OTCBB: YPPN
|
| Stock price: | $0.22 at close March 31
|
| Market capitalization: | $18.05 million
|
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