By Sheri Kasprzak
New York, Sept. 8 - Oxford Media, Inc. settled a $9.5 million private placement of notes with Palisades Master Fund, LP; Longview Fund, LP; and Crescent International Ltd.
Palisades purchased $8 million in principal of the notes, Longview contributed $1 million and Crescent bought $500,000 of the notes.
The 10% notes are due in two years.
The investors also received a total of 2.4 million common shares in the deal and warrants for 8 million shares, exercisable at $0.50 each for five years.
Proceeds will be used to pay the cash portion of the company's planned acquisition of SVI Hotel Corp.
Based in Irvine, Calif., Oxford Media markets proprietary video-on-demand and pay-per-view entertainment systems for the hotel industry.
| Issuer: | Oxford Media, Inc.
|
| Issue: | Notes
|
| Amount: | $9.5 million
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Shares: | 2.4 million
|
| Warrants: | For 8 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.50
|
| Investors: | Palisades Master Fund, LP; Longview Fund, LP; and Crescent International Ltd.
|
| Settlement date: | Sept. 5
|
| Stock symbol: | OTCBB: OXMI
|
| Stock price: | $0.70 at close Sept. 5
|
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