LiveXLive Media Raises $10 Million From Private Placement

Raises Cash

Live music streaming platform and SLACKER RADIO parent LIVEXLIVE MEDIA, INC. has raised $10 million from a private placement, issuing $10.64 million of 12.75% senior convertible debentures as of JUNE 30th.  $3.5 million of the $9.6 million net was used to pay off its current bank debt facility with SILICON VALLEY BANK.  The debentures will mature on JUNE 29, 2021.

LIVEXLIVE Chairman/CEO ROB ELLIN said, "LIVEXLIVE is experiencing rapid growth as we continue to acquire the digital rights of major festivals and events globally, and drive increasing audience across our music platform. This new financing provides immediate opportunity for our company to continue accelerating our growth, including acquiring more live music digital rights and events around the world, launching new subscription products and services, original programming, LiveZone and other exciting services, building out our world class management team, and exploring additional M&A options in the sector, with minimal dilution to shareholders."

« see more Net News