OriginOil to sell $1 million of convertibles through private placement

Rodman & Renshaw is the agent for deal, which will settle on July 11

By Devika Patel

Knoxville, Tenn., July 7 - OriginOil, Inc. said it will sell $1 million of convertible notes in a private placement.

Rodman & Renshaw, LLC is the agent.

Settlement is expected July 11.

The Los Angeles company has developed a technology to produce a bio-fuel from algae through a cost-effective, high-speed manufacturing process to replace petroleum in various applications such as diesel, gasoline, jet fuel, plastics and solvents.

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