Deal sells 1 million shares at $0.25 apiece, with five-year warrants
By Devika Patel
Knoxville, Tenn., Dec. 31 - Grandparents.com, Inc. completed a $250,000 private placement of stock on Dec. 18, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 1 million common shares at $0.25 per share. The price per share is a 38.89% premium to the $0.18 closing share price on Dec. 17.
Investors also received warrants for 250,000 shares. Each warrant is exercisable at $0.25 for five years. The strike price is also a 38.89% premium to the Dec. 17 closing share price.
Proceeds will be used for operating expenses and to repay the company's promissory note that was issued on Nov. 1 and was to mature on Dec. 31, 2013.
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| Issuer: | Grandparents.com, Inc.
|
| Issue: | Common stock
|
| Amount: | $250,000
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| Shares: | 1 million
|
| Price: | $0.25
|
| Warrants: | For 250,000 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.25
|
| Settlement date: | Dec. 18
|
| Stock symbol: | OTCBB: GPCM
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| Stock price: | $0.18 at close Dec. 17
|
| Market capitalization: | $16.13 million
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