BillMyParents, Inc. Raises $4,860,000 in Equity Funding to Fuel
SAN DIEGO, CA -- (Marketwire) -- 01/22/13 -- BillMyParents, Inc.
(OTCQB: BMPI), the Responsible Teen Spending company, today announced
that it recently raised net proceeds of $4,866,191 after deducting
fees and expenses totaling $621,799. The Company issued 13,719,975
shares of it common stock priced at $0.40 per share to a group of
private investors. Pursuant to the terms of the offering,
BillMyParents issued five year warrants to purchase up to an
additional 8,125,000 shares of its common stock in the aggregate, at
an exercise price of $0.50 per share, and five year warrants to
purchase up to 1,398,744 shares of its common stock in the aggregate,
at an exercise price of $0.60 per share.
BillMyParents Chairman and CEO Mike McCoy stated, "We believe that
completing this equity financing transaction at an approximately
at-the-market price for equity and above-the-market price for
warrants shows that investors are confident in our ability to execute
on a significant market opportunity in the teen payment solutions
space. We intend to use the proceeds to fund further development and
growth of our Company."
For more information, please visit: www.BillMyParents.com
yParents, Inc. (OTCQB: BMPI), the Responsible Teen Spending
Company, offers a solution for parents who want to help their teens
develop smart spending habits. The BillMyParentsSpendSmart MasterCard
card is the instantly trackable, reloadable MasterCard prepaid card
that lets parents and teens track spending in real time. Features
include the ability to instantly lock, unlock and reload the card at
any time; text alerts to parents and teens showing real-time
transaction details with each purchase; and the freedom and security
of a MasterCard prepaid card without the risk of overdrafts, accruing
debt or affecting credit scores. BillMyParents provides parents with
a modern way to help teach their teens financial responsibility, when
it counts. For more information, please visit www.BillMyParents.com.
The SpendSmart Prepaid MasterCard card is issued by University
National Bank, member FDIC. MasterCard and the MasterCard brand mark
are registered trademarks of MasterCard International Incorporated.
Certain statements contained in this press release are
"forward-looking statements" within the meaning of federal securities
laws, including, without limitation, anything relating or referring
to future financial results and planned business activities. Such
statements are inherently subject to risks and uncertainties, which
include, without limitation, those in Company reports filed with the
SEC. The Company can give no assurance that such expectations will
prove correct. Future events and actual results could differ
materially from those statements.
Investor Relations Inquiries:
Corporate Profile, LLC
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