Deal sells 12 million common shares at $0.19 apiece, a 56.82% discount
By Devika Patel
Knoxville, Tenn., July 10 - OriginOil Inc. settled a $239,020 tranche of a private placement of stock between June 20 and July 10, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal will raise about $2.28 million and took in $680,512 between June 11 and June 19.
The company is selling 12 million common shares at about $0.19 apiece. It sold 3,522,047 shares in the initial tranche and 1,258,000 shares in the second tranche. The price per share is a 56.82% discount to the June 10 closing share price of $0.44.
Investors will also receive warrants for 48 million shares.
One-year warrants for 2.85 million shares were issued in the first tranche, which are each exercisable at $0.25, a 43.18% discount to the June 10 closing share price. The company issued three-year warrants for 2.8 million shares in the first tranche, which also are exercisable at $0.25. In addition, investors received five-year warrants for 4 million shares, each exercisable at $0.15, a 65.91% discount to the June 10 closing share price.
One-year warrants for 1,028,000 shares were issued in the second tranche, which are each exercisable at $0.25, a 43.18% discount to the June 10 closing share price. The company issued three-year warrants for 620,000 shares in the second tranche, which also are exercisable at $0.25.
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: | $2.28 million (approximate)
|
| Shares: | 12 million
|
| Price: | $0.19 (approximate)
|
| Warrants: | For 48 million shares
|
| Warrant expiration: | One year, three years, five years
|
| Warrant strike price: | $0.25, $0.15
|
| Settlement date: | June 11 to June 19 (for $680,512), June 20 to July 10 (for $239,020)
|
| Stock symbol: | OTCBB: OOIL
|
| Stock price: | $0.44 at close June 10
|
| Market capitalization: | $9.71 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
