Published on 6/20/2013 in the Prospect News PIPE Daily.
Onstream Media lifts placement of 17% senior secured notes to $945,000
Investor Sigma Opportunity receives 625,000 restricted common shares
By Devika Patel
Knoxville, Tenn., June 20 - Onstream Media Corp. increased a private placement of senior secured notes with Sigma Opportunity Fund II, LLC on March 21 to $945,000 from $800,000, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company raised $600,000 at pricing on March 21 and the remaining $345,000 on June 14.
The 17% note is due on Dec. 18, 2014. It may be prepaid. Some of the principal may be repaid in common stock at the rate of $1.00 per share.
Sigma also received 300,000 restricted common shares initially and a further 325,000 common shares in the second tranche.
Based in Pompano Beach, Fla., Onstream is an online application service provider of audio and video communications.
Issuer: | Onstream Media Corp.
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Issue: | Senior secured note, 625,000 restricted common shares
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Amount: | $945,000
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Maturity: | Dec. 18, 2014
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Coupon: | 17%
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Warrants: | No
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Investor: | Sigma Opportunity Fund II, LLC
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Pricing date: | March 21
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Upsized: | June 14
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Settlement date: | March 21 (for $600,000), June 14 (for $345,000)
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Stock symbol: | OTCBB: ONSM
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Stock price: | $0.50 at close March 20
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Market capitalization: | $4.51 million
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