Convertibles sold with $16,000 discount, convert at $0.4375 per share
By Devika Patel
Knoxville, Tenn., Feb. 8 - OriginOil Inc. settled a $66,000 private placement of convertible promissory notes on Feb. 4, according to an 8-K filed Friday with the Securities and Exchange Commission.
The notes were sold with an original issue discount of $16,000 and mature in 90 days. They convert to common stock at $0.4375 per share, which is a 30.56% discount to the Feb. 1 closing share price of $0.63.
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: | Convertible promissory notes
|
| Amount: | $66,000
|
| Maturity: | 90 days
|
| Price: | $16,000 discount
|
| Conversion price: | $0.4375
|
| Warrants: | No
|
| Settlement date: | Feb. 4
|
| Stock symbol: | OTCBB: OOIL
|
| Stock price: | $0.63 at close Feb. 1
|
| Market capitalization: | $10.36 million
|
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