Published on 11/25/2015 in the Prospect News PIPE Daily.
Viaspace completes $25,000 of $1 million convertible loan financing
6% two-year secured convertible promissory notes sold to Kevin Schewe
By Devika Patel
Knoxville, Tenn., Nov. 25 – Viaspace Inc. raised $25,000 in a tranche of a $1 million convertible loan financing with Kevin Schewe on Nov. 23, according to an 8-K filed Tuesday 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.
The company has borrowed $957,000 from Schewe since the loan agreement began, which includes the Nov. 23 loan.
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, common stock
|
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, 2014 (for $40,000), Jan. 21, 2015 (for $35,000), Feb. 19, 2015 (for $40,000), March 25, 2015 (for $30,000), June 25 (for $28,000), Aug. 19 (for $35,000), Sept. 2 (for $35,000), Sept. 25 (for $27,000), Nov. 9 (for $20,000), Nov. 23 (for $25,000)
|
Stock symbol: | OTCBB: VSPC
|
Market capitalization: | $5.04 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.