Published on 3/25/2015 in the Prospect News PIPE Daily.
Viaspace concludes $30,000 of a $1 million convertible loan financing
6% two-year secured convertible promissory notes sold to Kevin Schewe
By Devika Patel
Knoxville, Tenn., March 25 – Viaspace Inc. raised $30,000 in a tranche of a $1 million convertible loan financing with Kevin Schewe on March 25, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company may borrow additional tranches over the agreement’s five-year tenor.
Each loan tranche is represented by a 6% two-year secured convertible promissory note. The notes are convertible into common stock at a conversion price equal to 50% of the average closing price of the stock for the 20 trading days prior to settlement.
Based in Walnut, Calif., Viaspace is a renewable and alternative energy company.
| Issuer: | Viaspace Inc.
|
| Issue: | Convertible loan financing, with principal represented by secured convertible promissory note
|
| Amount: | $1 million
|
| Tenor: | Five years
|
| Maturity: | Two years
|
| Coupon: | 6%
|
| Conversion price: | 50% of the average closing price of the stock for the 20 trading days prior to settlement
|
| Warrants: | No
|
| Investor: | Kevin Schewe
|
| Pricing date: | September 2012
|
| Settlement dates: | Sept. 28, 2012 (for $50,000), Oct. 23, 2012 (for $35,000), Nov. 27, 2012 (for $20,000), Dec. 31, 2012 (for $30,000), Jan. 30, 2013 (for $20,000); Feb. 25, 2013 (for $20,000); April 1, 2013 (for $20,000); April 26, 2013 (for $20,000), May 28, 2013 (for $20,000), May 29, 2013 (for $30,000), June 24, 2013 (for $25,000), July 29, 2013 (for 18,000), Aug. 28, 2013 (for $17,000), Sept. 24, 2013 (for $20,000), Oct. 25, 2013 (for $17,000), Jan. 29, 2014 (for $12,000), Feb. 26, 2014 (for $17,000), April 23, 2014 (for $22,000), May 21, 2014 (for $17,000), July 18, 2014 (for $20,000), Aug. 20, 2014 (for $25,000), Sept. 23, 2014 (for $36,000), Nov. 6 (for $40,000), Jan. 21 (for $35,000), Feb. 19 (for $40,000), March 25 (for $30,000)
|
| Stock symbol: | OTCBB: VSPC
|
| Stock price: | $0.01 at close Nov. 26
|
| Market capitalization: | $10.91 million
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