Series A preferreds sold along with five-year warrants in offering
By Devika Patel
Knoxville, Tenn., June 12 - Yappn Corp. settled a $165,000 tranche of a $936,000 private placement of its series A convertible preferred stock on June 7, according to an 8-K filed Wednesday with the Securities and Exchange Commission. It previously raised $401,000 on March 28 and $370,000 on May 31.
The company sold 4.01 million units of one preferred and one warrant at $0.10 per unit in the first tranche, 3.7 million units in the second and 1.65 million units in the third. Each preferred converts at $0.10 per common share. The conversion price reflects an 80.39% discount to the May 30 closing share price of $0.65.
The warrant is exercisable at $0.10 for five years. The strike price also reflects an 80.39% discount to the May 30 closing share price.
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: | Units of one series A convertible preferred share and one warrant
|
| Amount: | $936,000
|
| Units: | 9.36 million
|
| Price: | $0.10
|
| Conversion price: | $0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.10
|
| Settlement date: | March 28 (for $401,000), May 31 (for $370,000), June 7 (for $165,000)
|
| Stock symbol: | OTCBB: YPPN
|
| Stock price: | $0.51 at close May 30
|
| Market capitalization: | $35 million
|
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