Two-year note was sold in units along with warrants for 20,000 shares
By Devika Patel
Knoxville, Tenn., Feb. 27 - Yappn Corp. settled a $305,000 private placement of two-year convertible promissory notes on Feb. 24, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 6% notes were sold in units, with each of the 305 units consisting of one $1,000 note and warrants for 20,000 shares.
Of the warrants, half are exercisable at $0.15 and half are exercisable at $0.20. The strike prices are 200% and 300% premiums, respectively, to the Feb. 21 closing share price of $0.05.
The note converts to stock at $0.10 per share, which is a 100% premium to the Feb. 21 closing 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 a $1,000 convertible promissory note and warrants for 20,000 shares
|
| Amount: | $305,000
|
| Units: | 305
|
| Price: | $1,000
|
| Note maturity: | Two years
|
| Note coupon: | 6%
|
| Note conversion price: | $0.10
|
| Warrants: | Warrants for 20,000 shares per unit
|
| Warrant strike prices: | $0.15 for 10,000 shares per unit, $0.20 for 10,000 shares per unit
|
| Settlement date: | Feb. 24
|
| Stock symbol: | OTCBB: YPPN
|
| Stock price: | $0.05 at close Feb. 21
|
| Market capitalization: | $5.02 million
|
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