Company sells 8% convertibles due July 2, 2014 in private offering
By Devika Patel
Knoxville, Tenn., Oct. 15 - Yappn Corp. settled a $78,500 convertible note private placement on Oct. 9, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 8% note is convertible into common shares at a conversion price equal to 61% of the average of the lowest three closing bid prices of the stock for the 10 trading days preceding the conversion date. The note matures July 2, 2014.
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: | Convertible note
|
| Amount: | $78,500
|
| Maturity: | July 2, 2014
|
| Coupon: | 8%
|
| Conversion price: | 61% of the average of the lowest three closing bid prices of the stock for the 10 trading days preceding the conversion date
|
| Warrants: | No
|
| Settlement date: | Oct. 9
|
| Stock symbol: | OTCBB: YPPN
|
| Stock price: | $0.08 at close Oct. 8
|
| Market capitalization: | $9.03 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.
