12.26.2007 11:21 AM
Broadcast International Prepares to Raise $15 Million
Broadcast International, a video compressor based in Salt Lake City, said it has done the paperwork to sell $15 million in senior secured notes.

BI, which holds the patents to the video compression technology CodecSys, is traded over-the-counter under BCST.OB. The share price fell from $3.70 to $3.65 in the moments after the news hit. The company’s market cap at $3.65 is about $76 million, with more than 21.3 million outstanding shares.

The $15 million comprises 6.25 percent convertible promissory notes due Dec. 21, 2010 sold to “certain accredited investors,” BI said. The notes are convertible into shares of BI common stock at $5.45 per share, subject to adjustments. Note holders will receive in aggregate 1 million shares of BI common stock and warrants to purchase another 1.8 million more shares. They will also have first lien on BI assets.

Net proceeds for the sale will be used for “general corporate purposes,” the company said.

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Tuesday 03:07 PM
WMUR-TV Says FAA Drone Rules Preclude ENG
The FAA’s current rules and proposed ban on flight over people, requirement of visual line of sight and restriction on nighttime flying, effectively prohibit broadcasters from using UAS for newsgathering. ~ WMUR-TV General Manager Jeff Bartlett

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