Deal sells convertible preferreds, warrants for 243,750 common shares
By Devika Patel
Knoxville, Tenn., July 20 - BillMyParents, Inc. raised $390,000 through a private placement of series B convertible preferred stock on July 19, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 390 series B preferred shares with five-year warrants for 243,750 common shares.
The preferreds are convertible into a total of 975,000 common shares.
For investors who purchase less than $500,000 of the shares, the warrants are each exercisable at $0.60, a 46.34% premium to the July 18 closing share price of $0.41. For investors who purchase at least $500,000 of the shares, the warrants are each exercisable at $0.50, a 21.95% premium to the July 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: | Series B convertible preferred stock
|
Amount: | $390,000
|
Preferreds: | 390
|
Conversion ratio: | Into 975,000 common shares
|
Warrants: | For 243,750 shares
|
Warrant expiration: | Five years
|
Warrant strike prices: | $0.60, $0.50
|
Settlement date: | July 19
|
Stock symbol: | OTCBB: BMPI
|
Stock price: | $0.41 at close July 18
|
Market capitalization: | $41.76 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.