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CÜR Media Completes $1.75 Million Financing, Led by Members of Management and its Board of Directors

Dec 08, 2015 - PR Newswire

CÜR Media, Inc. (OTCQB: CURM) (OTCBB: CURM) today announced the completion of a $1.75 million financing led by members of the company's management and board of directors, including Tom Brophy, Founder & CEO, and recently appointed director, Sanjan ("Sunny") Dhody. Key music industry professionals participating in the financing were Hector "Tico" Torres, drummer for the rock band Bon Jovi, and Robert Fernandez, President of Mr. 305, Inc., the independent record label founded by Pitbull.  

The offered securities consisted of units of convertible unsecured promissory notes bearing 12% interest ("the Notes") and warrants to purchase common stock (the "Warrants"). The Notes are mandatorily convertible into the company's common stock at the lesser of $0.50 per share, or a 15% discount to the price of the next equity financing by the company of at least $2.5 million. A full description of the offering can be found in the Company's Form 8-K filed with the SEC on December 1, 2015, as well as other filings the company made with the SEC.  The Company intends to use the net proceeds from the offering for working capital and general corporate purposes as it gears up for the anticipated launch of CÜR Music, a social, mobile, and web streaming music application that is being designed to enable its users to go beyond the limitations of traditional music streaming services...