Gemini buys securities in tandem with recent partnership agreement
By Devika Patel
Knoxville, Tenn., Nov. 9 - Oxis International, Inc. said it sold 1,666,667 convertible preferred shares at $0.15 apiece in a private placement with Gemini Pharmaceuticals. The company raised $250,000 and also negotiated a $750,000 line of credit with Gemini for a total of $1 million.
The credit line is available at a rate of Prime plus 2% per year.
"We believe this strategic investment from Gemini represents an important endorsement of our Ergothioneine technology and the potential of our planned line of supplements and nutrition products," chief executive officer Anthony Cataldo said in a press release.
"Purchasing shares at an above-market price and providing credit at 'A-class' terms reflects Gemini's confidence in our management team and operating plan. As our primary product development and manufacturing partner, Gemini understands the unique and valuable health benefits of ERGO, as well as the strong proprietary position OXIS holds as the sole source provider for the health and wellness and personal care markets."
Gemini was earlier selected to assist the company in developing and producing a series of nutritional supplements built on a proprietary platform incorporating the company's anti-oxidant, L-Ergothioneine, or ERGO.
Located in Foster City, Calif., Oxis develops clinical and research assays, diagnostics and nutriceutical and therapeutic products.
| Issuer: | Oxis International, Inc.
|
| Issue: | Convertible preferred stock, line of credit
|
| Amount: | $1 million
|
| Warrants: | No
|
| Investor: | Gemini Pharmaceuticals
|
| Settlement date: | Nov. 9
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| Stock symbol: | OTCBB: OXIS
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| Stock price: | $0.10 at close Nov. 8
|
| Market capitalization: | $16 million
|
|
|
| Preferreds
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| Amount: | $250,000
|
| Preferreds: | 1,666,667
|
| Price: | $0.15
|
|
|
| Line of credit
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| Amount: | $750,000
|
| Coupon: | Prime plus 200 bps
|
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