Onstream Media lifts placement of 17% senior secured notes to $945,000

Investor Sigma Opportunity receives 625,000 restricted common shares

By Devika Patel

Knoxville, Tenn., June 20 - Onstream Media Corp. increased a private placement of senior secured notes with Sigma Opportunity Fund II, LLC on March 21 to $945,000 from $800,000, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company raised $600,000 at pricing on March 21 and the remaining $345,000 on June 14.

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 initially and a further 325,000 common shares in the second tranche.

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, 625,000 restricted common shares
Amount:	$945,000
Maturity:	Dec. 18, 2014
Coupon:	17%
Warrants:	No
Investor:	Sigma Opportunity Fund II, LLC
Pricing date:	March 21
Upsized:	June 14
Settlement date:	March 21 (for $600,000), June 14 (for $345,000)
Stock symbol:	OTCBB: ONSM
Stock price:	$0.50 at close March 20
Market capitalization:	$4.51 million

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