By Laura Lutz
Des Moines, Nov. 2 - Onstream Media Corp. settled a private placement of a four-year unsecured subordinated promissory note for $1 million, according to an 8-K filing with the Securities and Exchange Commission.
The note bears interest at 17.75% per year, payable quarterly in cash or in common shares at $1.00 per share.
If interest is paid in shares, it must be prepaid on a non-compounding, non-refundable basis for the entire remaining term of the loan.
The note will be convertible at $1.00 between April 27, 2007 and Oct. 25, 2009 and at $2.00 thereafter.
Based in Pompano Beach, Fla., Onstream is an online application service provider of audio and video communications.
| Issuer: | Onstream Media Corp.
|
| Issue: | Unsecured subordinated promissory note
|
| Amount: | $1 million
|
| Maturity: | Four years
|
| Coupon: | 17.75%
|
| Price: | Par
|
| Yield: | 17.75%
|
| Conversion rate: | $1.00 per share
|
| Warrants: | No
|
| Settlement date: | Oct. 27
|
| Stock symbol: | Nasdaq: ONSM
|
| Stock price: | $1.04 at close Oct. 27
|
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