10% convertible promissory notes mature in six months
By Devika Patel
Knoxville, Tenn., May 30 - OriginOil Inc. settled a private placement of $255,000 of convertible promissory notes on May 28, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 10% notes mature in six months. They are convertible into common stock at the lesser of $0.45 or 50% of the lowest trade price on any trade day following the issuance of the notes, subject to, at the election of the company, 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: | $255,000
|
| Maturity: | Six months
|
| Coupon: | 10%
|
| Conversion price: | Lesser of $0.45 or 50% of lowest trade price on any trade day, subject to, at company's election, floor of $0.40
|
| Warrants: | No
|
| Settlement date: | May 28
|
| Stock symbol: | OTCBB: OOIL
|
| Stock price: | $0.46 at close May 24
|
| Market capitalization: | $16.61 million
|
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