Cricket Media concludes $190,000 of $2 million convertibles placement

5% secured debentures due April 30, 2016 convert to shares at $0.25

By Devika Patel

Knoxville, Tenn., Nov. 9 – Cricket Media Group Ltd. said it raised $190,000 in a tranche of a $2 million non-brokered private placement of secured convertible debentures. The deal raised $819,000 on Aug. 19, $325,000 on Sept. 4 and $250,000 on Oct. 15.

The 5% debenture matures on April 30, 2016. It converts to common stock at $0.25 per share, which is a 38.89% premium to $0.18, the Aug. 18 closing share price.

Settlement of the final tranche is expected Nov. 16.

Proceeds will be used to fund operating expenses.

The education media company is based in Washington, D.C.

Issuer:	Cricket Media Group Ltd.
Issue:	Secured convertible debentures
Amount:	$2 million
Maturity:	April 30, 2016
Coupon:	5%
Conversion price:	$0.25
Conversion premium:	38.89%
Warrants:	No
Agent:	Non-brokered
Settlement dates:	Aug. 19 (for $819,000), Sept. 4 (for $325,000), Oct. 15 (for $250,000), Nov. 9 (for $190,000), Nov. 16
Stock symbol:	OTCBB: EPCPF
Stock price:	$0.18 at close Aug. 18
Market capitalization:	$5.27 million

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