Narrowstep, a provider of Internet-based video content delivery, raised $7.4 million through the sale of common stock and warrants.
Narrowstep is currently delivering over 70 channels, including ITV, the UK’s top commercial broadcaster, the Torino 2006 Paralympic Winter Games, as well as Sail.tv, London TV, and Cycling.tv. The Narrowstep system enables owners and users of video content to reach audiences by “narrowcasting” — targeting delivery of specific content to interested groups.
Pursuant to this financing, the investors agreed to purchase a total of 12,333,333 shares at a purchase price of $0.60 per share. The investors will also receive five-year warrants giving them the right to purchase an aggregate of 12,333,333 shares, half at $0.60 per share and the other half at $1.20 per share.
http://www.narrowstep.com
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