By Sheri Kasprzak
New York, March 29 - Onstream Media Corp. said it settled a $2.5 million sale of convertible debentures.
The 8% debentures mature in 48 months and are convertible into shares at $1.00 each, a 3% discount to the company's $1.03 closing stock price March 28.
The investors received warrants for 35,000 shares for every $100,000 in debentures. The warrants are exercisable at $1.50 each for five years.
Based in Pompano Beach, Fla., Onstream is an online application service provider of audio and video communications.
| Issuer: | Onstream Media Corp.
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| Issue: | Convertible debentures
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| Amount: | $2.5 million
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| Maturity: | 48 months
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Conversion price: | $1.00
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| Warrants: | 35,000 shares per $100,000 in debentures
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.50
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| Settlement date: | March 29
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| Stock symbol: | Nasdaq: ONSM
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| Stock price: | $1.05 at close March 29
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