By Sheri Kasprzak
New York, Feb. 22 - Oxford Media, Inc. said it has settled a private placement of a promissory note with shares for $1,666,666.
Palisades Master Fund LP funded the note and received 200,000 shares with the offering.
The 10% note matures the earlier of 120 days or upon the receipt of $9 million in a separate financing.
Proceeds will be used for working capital.
Connected to the note offering, Oxford reduced the conversion price on its series A convertible preferreds to $2.50 from $3.00.
Palisades holds 4 million shares of the series A preferreds.
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: | Promissory notes
|
| Amount: | $1,666,666
|
| Maturity: | The earlier of 120 days or the receipt of $9 million in a separate financing
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Shares: | 200,000
|
| Warrants: | No
|
| Investor: | Palisades Master Fund LP
|
| Settlement date: | Feb. 17
|
| Stock symbol: | OTCBB: OXMI
|
| Stock price: | $2.20 at close Feb. 17
|
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