Company sells 5,415,000 common shares with warrants at $0.40 per share
By Devika Patel
Knoxville, Tenn., Nov. 28 - BillMyParents Inc. completed a $2.17 million private placement of stock on Nov. 21, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 5,415,000 common shares at $0.40 per share. The price per share reflects a 13.04% discount to the Nov. 18 closing share price of $0.46.
Investors also received warrants for 1,353,750 shares. The warrants are each exercisable at $0.60 for five years. The strike price is a 30.44% premium to the Nov. 18 closing share price.
San Diego's BillMyParents offers online and traditional retail payment platforms designed to enable parents and young people to collaborate toward the goal of responsible spending.
| Issuer: | BillMyParents Inc.
|
| Issue: | Common stock
|
| Amount: | $2,166,000
|
| Shares: | 5,415,000
|
| Price: | $0.40
|
| Warrants: | For 1,353,750 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.60
|
| Settlement date: | Nov. 21
|
| Stock symbol: | OTCBB: BMPI
|
| Stock price: | $0.44 at close Nov. 21
|
| Market capitalization: | $39.7 million
|
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