SAN DIEGO, CA--(Marketwire - Jan 22, 2013) - 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
BillMyParents, 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.