Debentures sold in units, convert into common stock at $0.25 per share
By Wendy Van Sickle
Columbus, Ohio, Jan. 6 – Yappn Corp. completed a $2,086,000 private placement of units of convertible debentures and warrants, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
Each unit consisted of one five-year 12% secured convertible debenture and 10 five-year common share purchase warrants with an exercise price of $0.01 per share, which is a 96.45% discount to the company’s closing share price on Dec. 29.
The units were sold at $1.00 per unit.
The conversion price of the debentures is $0.25 per share, which is an 11.35% discount to the company’s closing share price on Dec. 29.
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 one 12% secured convertible debenture and 10 common share warrants
|
| Amount: | $2,086,000
|
| Units: | 2,086,000
|
| Price: | $1.00
|
| Debenture maturity: | Five years
|
| Debenture coupon: | 12%
|
| Conversion price: | $0.25
|
| Warrants: | 10 per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.01
|
| Settlement date: | Dec. 30
|
| Stock symbol: | OTC: YPPN
|
| Stock price: | $0.282 at close Dec. 29
|
| Market capitalization: | $3.04 million
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