Investors also receive warrants; proceeds support April product launch
By Devika Patel
Knoxville, Tenn., March 21 - Oxis International, Inc. said it completed a $500,000 private placement of unsecured convertible debentures. It may raise an additional $500,000 in the deal.
The 12% debentures are initially convertible into common stock at $0.05 per share. The conversion price is a 66.67% premium to $0.03, the March 20 closing share price.
Investors also received warrants. The warrants are exercisable at $0.0625 and $0.075, which are 108.33% and 150% premiums to the March 20 closing price.
Proceeds will be used for working capital and to support the company's April product launch.
Located in Foster City, Calif., Oxis develops clinical and research assays, diagnostics and nutriceutical and therapeutic products.
| Issuer: | Oxis International, Inc.
|
| Issue: | Unsecured convertible debentures
|
| Amount: | $1 million
|
| Coupon: | 12%
|
| Conversion price: | $0.05
|
| Conversion premium: | 66.67%
|
| Warrants: | Yes
|
| Warrant strike prices: | $0.0625 and $0.075
|
| Settlement date: | March 21 (for $500,000)
|
| Stock symbol: | OTCBB: OXIS
|
| Stock price: | $0.03 at close March 20
|
| Market capitalization: | $7.64 million
|
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