By Sheri Kasprzak
New York, Nov. 22 - Oxford Media, Inc. settled a private placement of a loan for $2 million.
Midsummer Investment Ltd. funded the 12% secured promissory note, which is due in three years.
Midsummer also received warrants for 2.6 million shares, exercisable at $0.50 each for five years.
Proceeds will be used for the repayment of corporate obligations and for general corporate purposes.
HPC Capital was the placement agent.
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: | Secured promissory note
|
| Amount: | $2 million
|
| Maturity: | Three years
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Warrants: | For 2.6 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.50
|
| Placement agent: | HPC Capital
|
| Investor: | Midsummer Investment Ltd.
|
| Settlement date: | Nov. 16
|
| Stock symbol: | OTCBB: OXMI
|
| Stock price: | $0.35 at close Nov. 16
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
