12% five-year notes convert to a share and a warrant at $0.50 per unit
By Devika Patel
Knoxville, Tenn., Dec. 1 CÜR Media, Inc. settled a $607,500 private placement of 12% five-year unsecured convertible promissory notes on Nov. 24 and Nov. 30, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The notes may be converted into units at $0.50 per unit of one common share and one warrant. The conversion price is a 15.25% discount to the Nov. 23 closing share price of $0.59. The company may force conversion if it completes an equity financing of at least $2.5 million.
The five-year warrants are exercisable at $0.75, a 17.19% premium to the Nov. 23 closing share price.
Proceeds will be used for working capital and general corporate purposes.
The South Glastonbury, Conn., company is developing CÜR Music, a social streaming music experience.
| Issuer: | CÜR Media, Inc.
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| Issue: | Unsecured convertible promissory notes convertible into units of one common share and one warrant
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| Amount: | $607,500
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| Maturity: | Five years
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| Coupon: | 12%
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| Conversion price: | $0.50
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| Call: | Yes
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| Warrants: | One per unit upon conversion
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.75
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| Settlement date: | Nov. 24 and Nov. 30
|
| Stock symbol: | OTCBB: CURM
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| Stock price: | $0.59 at close Nov. 23
|
| Market capitalization: | $18.4 million
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