Deal offers 14,794,330 shares at 50% discount to closing share price
By Devika Patel
Knoxville, Tenn., July 28 - OriginOil Inc. completed a $1.18 million private placement of stock on July 25, according to an 8-K filed Thursday with the Securities and Exchange Commission. The offering priced in April.
The company sold 14,794,330 common shares at $0.08 apiece. The price per share is a 50% discount to the July 22 closing share price of $0.16.
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.
| Issuer: | OriginOil Inc.
|
| Issue: | Common stock
|
| Amount: | $1,183,546
|
| Shares: | 14,794,330
|
| Price: | $0.08
|
| Warrants: | No
|
| Settlement date: | July 25
|
| Stock symbol: | OTCBB: OOIL
|
| Stock price: | $0.15 at close July 25
|
| Market capitalization: | $30.44 million
|
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