Broadcast International Raises $15 Million
[12-26-07 – Satellite Today] Broadcast International Inc. has sold about $15 million in aggregate principal as well as common stock and common stock purchase warrants to unnamed accredited investors, the company announced Dec. 26.
The notes mature Dec. 21, 2010 and are convertible into shares of Broadcast common stock at an initial conversion price of $5.45 per share. Broadcast has agreed to grant to the holder of the notes a first lien on substantially all of its assets.
Broadcast, a broadcast solutions provider, will use the net proceeds from the offering for general corporate purposes.