Deal offers 4,615,385 common shares at $0.65 apiece, a 47.15% discount
By Devika Patel
Knoxville, Tenn., Aug. 13 - OriginOil Inc. settled a $216,700 tranche of a $3 million private placement of stock on Aug. 10, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal priced on July 31.
The company is selling 4,615,385 common shares at $0.65 apiece. It sold 333,387 shares in the first tranche. The price per share is a 47.15% discount to the July 30 closing share price of $1.23.
Investors will also receive warrants 18,461,540 shares. One-year warrants for 333,387 shares were issued in the first tranche, which are each exercisable at $0.65, also a 47.15% discount to the July 30 closing share price.
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: | $3 million
|
| Shares: | 4,615,385
|
| Price: | $0.65
|
| Warrants: | For 18,461,540 shares
|
| Warrant expiration: | One year
|
| Warrant strike price: | $0.65
|
| Pricing date: | July 31
|
| Settlement date: | Aug. 10 (for $216,700)
|
| Stock symbol: | OTCBB: OOIL
|
| Stock price: | $1.23 at close July 30
|
| Market capitalization: | $9.04 million
|
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