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BillMyParents raises $4.86 million in equity financing

22 January 2013  |  931 views  |  0 Source: BillMyParents

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

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