8% two-year secured convertible notes are being sold to Kevin Schewe
By Devika Patel
Knoxville, Tenn., March 31 – Viaspace Inc. raised $15,000 in a tranche of a $300,000 convertible loan financing with Kevin Schewe on Feb. 26, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The one-year deal priced on Jan. 25, raised $15,000 on Jan. 27 and another $15,000 on Feb. 26.
The company also settled a $3,000 placement of stock.
Each loan tranche is represented by an 8% one-year secured convertible note. The notes are convertible into common stock at a conversion price equal to 20% of the average closing price of the stock for the 20 trading days prior to settlement.
In the stock sale, Viaspace sold 5 million common shares at $0.0006 per share to its chief technology officer and director Carl Kukkonen. The price is equal to 20% of the average closing price of the stock for the 20 trading days preceding the settlement date, the company said in the filing.
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 note, common stock
|
Amount: | $303,000
|
Warrants: | No
|
Stock symbol: | OTCBB: VSPC
|
Market capitalization: | $5.19 million
|
|
Loan
|
Amount: | $300,000
|
Agreement tenor: | One year
|
Note maturity: | One year
|
Coupon: | 8%
|
Conversion price: | 20% of the average closing price of the stock for the 20 trading days prior to settlement
|
Investor: | Kevin Schewe
|
Pricing date: | Jan. 25
|
Settlement dates: | Jan. 27 (for $15,000), Feb. 26 (for $15,000), March 28 (for $15,000)
|
|
Placement of stock
|
Amount: | $3,000
|
Shares: | 5 million
|
Price: | $0.0006
|
Investor: | Carl Kukkonen
|
Settlement date: | March 28
|
© 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.