Published on 3/2/2016 in the Prospect News Green Finance Daily and Prospect News PIPE Daily.
Viaspace wraps $15,000 tranche of $300,000 convertible loan offering
8% two-year secured convertible notes are being sold to Kevin Schewe
By Devika Patel
Knoxville, Tenn., March 2 – Viaspace Inc. raised $15,000 in a tranche of a $300,000 convertible loan financing with Kevin Schewe on Feb. 26, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The one-year deal priced on Jan. 25 and raised $15,000 on Jan. 27.
Each loan tranche will be represented by an 8% one-year secured convertible note. The notes are convertible into common stock at a conversion price equal to 20% of the average closing price of the stock for the 20 trading days prior to settlement.
Based in Walnut, Calif., Viaspace is a renewable and alternative energy company.
Issuer: | Viaspace Inc.
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Issue: | Convertible loan financing, with principal represented by secured convertible note
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Amount: | $300,000
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Agreement tenor: | One year
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Note maturity: | One year
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Coupon: | 8%
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Conversion price: | 20% of the average closing price of the stock for the 20 trading days prior to settlement
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Warrants: | No
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Investor: | Kevin Schewe
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Pricing date: | Jan. 25
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Settlement dates: | Jan. 27 (for $15,000), Feb. 26 (for $15,000)
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Stock symbol: | OTCBB: VSPC
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Market capitalization: | $5.6 million
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