Starstream Entertainment, LLC announced that it has received $0.50 million in funding.
August 06, 2013 at 05:00 am
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Starstream Entertainment, LLC announced a private placement of 10% senior secured convertible promissory notes for gross proceeds of up to $200,000 on July 19, 2013. The transaction will see participation from accredited investors. The note caries an interest rate of 10% per annum and would mature in one year from the issuance date. The company will issue securities pursuant to exemption provided under Regulation D and Regulation S. The company may not prepay all or any portion of the Notes without prior written consent of the note holders. The note is convertible at the option of the note holder into the common shares of public company; contingent on the completion of the reverse merger and closing of a related transaction by public company in the amount of at least $500,000 at a conversion price $0.63 per share. The company will not pay any fees or commissions to any broker, finder or agent with respect to the transaction. Darren L. Ofsink of Ofsink, PLLC will serve as legal advisor to the company. Omni View Capital LLC will serve as placement agent to the company and will receive certain fees.
On same date, the company has received $100,000 in funding. The notes issued in this tranche will mature on July 19, 2014.
On July 24, 2013, the company announced that it has amended the terms of the transaction. The company will now issue notes for gross proceeds of $400,000. The company has received $300,000 in its second tranche of the transaction. $150,000 worth of note was issued to Charles Bonan. The notes issued in this tranche will mature on July 24, 2014.
On August 6, 2013, Starstream Entertainment, LLC closed the transaction. The company received $100,000 in its final tranche, bringing the total funding raised to $500,000. The notes issued in this tranche will mature on August 6, 2014. The company intended to receive $1,000,000 in the transaction.
Starstream Entertainment, Inc. is a service provider primarily focused on the on- demand event staffing industry. The Company is engaged in providing temporary staffing solutions for events and product branding. It provides temporary staff solutions for the consumer goods industry. The Company recruits, hires, trains and oversees stilled brand ambassadors for its clients. The Company, through its subsidiary, Facetime Consulting and Promotions LLC (FCP), is primarily focused on the on-demand event staffing industry. The primary placements that FCP makes are for companies in the consumer goods industry. FCP hand-picks and personally interviews brand ambassadors to ensure their fit for its clientsâ programs.