Oxford Media raises $4 million from sale of debentures, preferred stock

By Laura Lutz

Des Moines, July 20 - Oxford Media, Inc. settled a private placement of discounted debentures and preferred stock for proceeds of $4 million, according to an 8-K filing.

The investors received $4,210,526 principal amount of non-convertible senior secured debentures. They also received an amount of series C preferred shares that is convertible into common shares equal to 30% of the company's outstanding stock on a fully diluted basis.

The terms of the preferreds could not be determined.

The 12% debentures mature in four years.

HPC Capital Management Corp. acted as placement agent.

Cantone Office Center, LLC subscribed for $2.75 million. Palisades Master Fund, LP and Midsummer Investment, Ltd. each subscribed for $400,000 and each cancelled a $100,000 bridge note issued by Oxford on June 29.

Proceeds will be used for general corporate purposes.

Oxford provides technology and content for in-room entertainment.

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