Offering sells 8% convertible promissory notes due Sept. 13, 2014
By Devika Patel
Knoxville, Tenn., Dec. 27 - Yappn Corp. sold $50,000 of 8% convertible promissory notes in a private placement on Dec. 20, according to an 8-K filed Friday with the Securities and Exchange Commission.
The note is convertible into common shares at a conversion price equal to 55% of the average of the two lowest trade prices of the stock for the 10 trading days preceding conversion. The note matures on Sept. 13, 2014 and may be redeemed in the first six months at 150.
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 promissory note
|
| Amount: | $50,000
|
| Maturity: | Sept. 13, 2014
|
| Coupon: | 8%
|
| Conversion price: | 55% of the average of the two lowest trade prices of the stock for the 10 trading days preceding conversion
|
| Call: | In the first six months at 150
|
| Warrants: | No
|
| Settlement date: | Dec. 20
|
| Stock symbol: | OTCBB: YPPN
|
| Stock price: | $0.05 at close Dec. 19
|
| Market capitalization: | $5.52 million
|
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