Viaspace sells another $20,000 convertible under $1 million placement

Director Kevin Schewe has purchased $752,000 so far under agreement

By Marisa Wong

Madison, Wis., May 26 – Viaspace Inc. sold a $20,000 convertible promissory note to company director Kevin Schewe on May 26, according to an 8-K filing with the Securities and Exchange Commission.

This is the latest tranche sold under a five-year financing agreement reached with Schewe in September 2012. Including the latest tranche, Schewe has purchased a total of $752,000 of convertibles.

Each tranche is represented by a 6% two-year secured convertible promissory note. The notes are convertible into common stock at a conversion price equal to 50% of the average closing price of the stock for the 20 trading days prior to settlement.

If Schewe chooses to convert the latest tranche, it will convert into 5,882,353 shares at a price of $0.0034 per share.

Also on May 26, Schewe converted $20,000 of convertibles that he previously purchased into common stock. The conversion price was $0.0034 per share.

Based in Walnut, Calif., Viaspace is a renewable and alternative energy company.

Issuer:	Viaspace Inc.
Issue:	Secured convertible promissory notes
Amount:	Up to $1 million
Tenor:	Two years
Coupon:	6%
Conversion price:	50% of the average closing price of the stock for the 20 trading days prior to settlement
Warrants:	No
Investor:	Kevin Schewe
Pricing date:	Sept. 30, 2012
Settlement dates:	Sept. 28, 2012 (for $50,000), Oct. 23, 2012 (for $35,000), Nov. 27, 2012 (for $20,000), Dec. 31, 2012 (for $30,000), Jan. 30, 2013 (for $20,000); Feb. 25, 2013 (for $20,000); April 1, 2013 (for $20,000); April 26, 2013 (for $20,000), May 28, 2013 (for $20,000), May 29, 2013 (for $30,000), June 24, 2013 (for $25,000), July 29, 2013 (for 18,000), Aug. 28, 2013 (for $17,000), Sept. 24, 2013 (for $20,000), Oct. 25, 2013 (for $17,000), Jan. 29, 2014 (for $12,000), Feb. 26, 2014 (for $17,000), April 23, 2014 (for $22,000), May 21, 2014 (for $17,000), July 18, 2014 (for $20,000), Aug. 20, 2014 (for $25,000), Sept. 23, 2014 (for $36,000), Nov. 6, 2014 (for $40,000), Jan. 21 (for $35,000), Feb. 19 (for $40,000), March 25 (for $30,000), April 14 (for $20,000), May 26 (for $20,000)
Stock symbol:	OTCBB: VSPC
Stock price:	$0.0064 at close May 22
Market capitalization:	$8.73 million

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