Investor Sigma Opportunity receives 300,000 restricted common shares
By Devika Patel
Knoxville, Tenn., March 22 - Onstream Media Corp. completed an $800,000 private placement of senior secured notes with Sigma Opportunity Fund II, LLC on March 21, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 17% note is due on Dec. 18, 2014. It may be prepaid. Some of the principal may be repaid in common stock at the rate of $1.00 per share.
Sigma also received 300,000 restricted common shares.
Based in Pompano Beach, Fla., Onstream is an online application service provider of audio and video communications.
| Issuer: | Onstream Media Corp.
|
| Issue: | Senior secured note, 300,000 restricted common shares
|
| Amount: | $800,000
|
| Maturity: | Dec. 18, 2014
|
| Coupon: | 17%
|
| Warrants: | No
|
| Investor: | Sigma Opportunity Fund II, LLC
|
| Pricing date: | March 21
|
| Stock symbol: | OTCBB: ONSM
|
| Stock price: | $0.50 at close March 20
|
| Market capitalization: | $7.51 million
|
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