By Sheri Kasprzak
Atlanta, Feb. 17 - Onstream Media Corp. said the investors of its 8% senior secured convertible notes have exercised additional investment rights for $2.05 million.
The original offering announced Dec. 23 allowed for up to $2,175,000 in additional investment rights.
The additional investment rights also included warrants for 717,500 shares at $1.65 each for five years. Additional warrants for 2.05 million shares at $1 each for half and $1.65 each for the other half, exercisable for one year, will also be issued upon shareholder approval.
The company also said it is issuing an additional $2.05 million in 8% senior secured convertible notes. The notes mature in four years.
The proceeds from the additional investment rights will be used for general working capital.
Based in Pompano Beach, Fla., Onstream provides video and rich media communication, web casting and digital asset management services to businesses.
| Issuer: | Onstream Media Corp.
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| Issue: | Senior secured convertible notes
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| Amount: | $2.05 million
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| Maturity: | Four years
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Warrants: | For AIRs: 717,500 shares
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| Warrant expiration: | Five years
|
| Warrant strike price: | $1.65
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| Pricing date: | Feb. 17
|
| Stock price: | $2.00 at close Feb. 17
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