C Media Limited ("C Media"), a leading China-based mobile video service provider, has raised its aggregate strategic investment in YOU On Demand, increasing its present stake to $6 million USD with a $2 million USD Convertible Bridge Note financing ("Bridge Note"). The Bridge Note would convert to Series E Convertible Preferred Stock ("Series E Preferred Stock") upon consummation of the proposed Phase 2 investment and would bring the total C Media Phase 2 investment in YOU On Demand to $12 million USD (the Bridge Note conversion plus an additional issuance and purchase of $10 million USD of Series E Preferred Stock).
In addition, C Media and YOU On Demand have agreed to extend the Phase 2 investment deadline from October 31, 2013 to December 4, 2013. The Phase 2 purchase price remains $1.75 per share for Series E Preferred Stock and C Media has granted the Company the one-month extension for executing definitive documentation and satisfying the original closing conditions, as set forth in their agreement.
Shane finally parted with pieces of his pie.. Well How long will this last..We still need MORE REVENUE and MORE CONTENT to pay off any investment
C Media Limited operates as a mobile internet company which provides mobile video services and related value-added services through the networks of the telecommunications operators. The company develops online community applications for video, music, movie, and targeted marketing, and builds an open mobile internet video platform. C Media Limited was founded in 2004 and is based in Beijing, China.