Narrowstep, the TV on the Internet company, announced that it has completed a private placement of its common stock and warrants resulting in gross proceeds to the company of $10,510,000. In this placement, the company issued 42,040,000 shares of common stock and five-year warrants to purchase an additional 21,020,000 shares of common stock at an exercise price of $0.50 per share. As part of this transaction, the company’s convertible note issued earlier this year, will also convert into shares of common stock.
RENN Capital Group acted as lead investor in this transaction. Other investors included David C. McCourt, the company’s largest individual shareholder, and the company’s Chairman and CEO.