By Sheri Kasprzak
New York, Sept. 27 - Oxford Media, Inc. said it has closed a private placement of convertible preferreds for $4 million.
The 8% preferreds were purchased by Palisades Master Fund LP.
The preferreds are convertible into common shares at $3.00 each.
The investor also received warrants for 400,000 shares, exercisable at $3.50 each.
HPC Capital Management was the placement agent.
Proceeds from the offering will be used for working capital.
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.
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| Issue: | Convertible preferred stock
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| Amount: | $4 million
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| Dividends: | 8%
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| Conversion price: | $3.00
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| Warrants: | For 400,000 shares
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| Warrant strike price: | $3.50
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| Investor: | Palisades Master Fund LP
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| Placement agent: | HPC Capital Management
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| Settlement date: | Sept. 27
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| Stock price: | $3.08 at close Sept. 26
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