SpiralFrog raises $2 million
SpiralFrog, the free ad-supported web-based music service, has raised an additional two million dollars through the private placement of Senior Secured Exchangeable Notes.
The Notes bear interest at 12 percent per annum, with interest payable quarterly, commencing January 1, 2008. The entire principal amount is due on April 19, 2008. The Notes are exchangeable into 2,325,582 common shares at the Exchange Price of $0.86, subject to certain adjustments.
SpiralFrog intends to use the net proceeds from the offering to fund the growth of the company, including for the acquisition of additional content for the site.
Related posts:
- SpiralFrog now the third largest legal music download site
- SpiralFrog signs licensing agreement with RoyaltyShare
- SpiralFrog inks licensing agreement with deeep.net/Mtunes
- SpiralFrog set to launch, finally
- SpiralFrog signs licensing agreement with MPress Records
That’s good news if they are using it to fund the growth of the company. Hopefully this will go towards getting even more songs than they already have. It’s great to see this product expanding.
By Surface` on March 17, 2008 12:43 pm