Note is convertible at lesser of $0.40 or 70% of lowest trade price
By Devika Patel
Knoxville, Tenn., April 4 - Raystream Inc. settled a $400,000 initial tranche of a $1.58 million private placement of 5% convertible promissory notes with JMJ Financial on March 21, according to a company press release.
The note is due March 21, 2015 and is convertible into common shares at the lesser of $0.40 or 70% of the lowest trade price in the 20 trading days preceding the conversion date.
JMJ Financial also received warrants.
Based in Dallas, Raystream offers custom-designed HD video compression services designed for video-on-demand, live streaming and full HD 3D videos, allowing users to view the compressed video on 3D video-enabled devices.
| Issuer: | Raystream Inc.
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| Issue: | Convertible promissory notes
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| Amount: | $1.58 million
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| Maturity: | March 21, 2015
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| Coupon: | 5%
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| Conversion price: | The lesser of $0.40 or 70% of the lowest trade price in the 20 trading days preceding the conversion
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| Warrants: | Yes
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| Investor: | JMJ Financial
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| Settlement date: | March 21 (for $400,000)
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| Stock symbol: | OTCBB: RAYS
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| Stock price: | $0.45 at close March 20
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| Market capitalization: | $22.99 million
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