VIASPACE, Inc. (VSPC.OB) Closes a Fixed Price Private Placement with Cornell
The transaction between Cornell Capital Partners and VIASPACE replaced Convertible Debenture held by Cornell. Under the terms of financing, Cornell invested $3.69 million dollars into VIASPACE. VIASPACE in turn gave Cornell 175,000 Class A Units and 600,000 Class B Units. Each Class A Unit entitles Cornell to 2.2609 shares of common stock and one warrant to purchase one share of common stock. Each Class B Unit entitles Cornell to one share of common stock and one warrant to purchase one share of common stock. VIASPACE's CEO stated a growing company, such as VIASPACE, needs capital. The company is pleased announce…