Convertibles sold with discount for $85,000; notes mature in 90 days
By Devika Patel
Knoxville, Tenn., March 19 - OriginOil Inc. settled a private placement of $113,333 of 10% convertible promissory notes on March 18, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The notes were sold with an original issue discount for total proceeds of $85,000.
The notes mature in 90 days. They convert to common stock at the lesser of $0.4375 or 70% of the average of the three lowest closing prices in the 25 trading days preceding a conversion.
The Los Angeles company has developed a technology to produce a bio-fuel from algae.
| Issuer: | OriginOil Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $113,333
|
| Maturity: | 90 days
|
| Coupon: | 10%
|
| Price: | $85,000
|
| Conversion price: | Lesser of $0.4375 or 70% of average of three lowest closing prices in 25 trading days preceding conversion
|
| Warrants: | No
|
| Settlement date: | March 18
|
| Stock symbol: | OTCBB: OOIL
|
| Stock price: | $0.50 at close March 15
|
| Market capitalization: | $9.15 million
|
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