Deal sells 7.3 million common shares at $0.40 per share with warrants
By Devika Patel
Knoxville, Tenn., Dec. 6 - BillMyParents Inc. completed a $2.92 million private placement of stock on Nov. 30, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 7.3 million common shares at $0.40 per share. The price per share reflects a 9.09% discount to the Nov. 29 closing share price of $0.44.
Investors also received five-year warrants for 6,981,250 shares. Of the warrants, 6,875,000 are each exercisable at $0.50 and 106,250 are each exercisable at $0.60. The strike prices are 13.64% and 36.36% premiums to the Nov. 29 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: | $2.92 million
|
| Shares: | 7.3 million
|
| Price: | $0.40
|
| Warrants: | For 6,981,250 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.50, $0.60
|
| Settlement date: | Nov. 30
|
| Stock symbol: | OTCBB: BMPI
|
| Stock price: | $0.44 at close Nov. 29
|
| Market capitalization: | $47.25 million
|
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