10% convertible promissory notes mature in six months
By Devika Patel
Knoxville, Tenn., May 7 - OriginOil, Inc. settled a private placement of $125,000 of convertible promissory notes on May 1, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 10% notes mature in six months. They convert to common stock at the lesser of $0.50 or 50% of the lowest trade price on any trade day, at the election of the company, with a conversion floor of $0.40.
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: | $125,000
|
| Maturity: | Six months
|
| Coupon: | 10%
|
| Conversion price: | The lesser of $0.50 or 50% of the lowest trade price on any trade day, floor of $0.40
|
| Warrants: | No
|
| Settlement date: | May 1
|
| Stock symbol: | OTCBB: OOIL
|
| Stock price: | $0.48 at close April 30
|
| Market capitalization: | $8.86 million
|
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