Company sells convertible debentures, warrants for 178,571,429 shares
By Devika Patel
Knoxville, Tenn., July 30 – OXIS International, Inc. settled a private placement of $1.43 million of 10% discounted convertible debentures on July 24, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The company received $1.25 million from the sale.
The debentures mature July 24, 2016 and are initially convertible into common shares at $0.007 per share. They may be redeemed.
The investors also received warrants for 178,571,429 common shares, which are each exercisable at $0.01 until July 24, 2019.
The conversion price reflects a 65% discount to the July 29 closing share price of $0.02. The strike price is a 50% discount to that price.
Proceeds will be used to file the company’s delinquent Securities and Exchange Commission reports, increase marketing of products and investigate possible acquisitions of businesses in the nutraceutical or medical product markets, including the medical marijuana industry.
Located in Foster City, Calif., Oxis develops clinical and research assays, diagnostics and nutriceutical and therapeutic products.
| Issuer: | OXIS International, Inc.
|
| Issue: | Convertible debentures
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| Amount: | $1,425,000
|
| Maturity: | July 24, 2016
|
| Price: | $1.25 million
|
| Coupon: | 10%
|
| Conversion price: | $0.007
|
| Call: | Yes
|
| Warrants: | For 178,571,429 shares
|
| Warrant expiration: | July 24, 2019
|
| Warrant strike price: | $0.01
|
| Announcement date: | July 30
|
| Settlement date: | July 24
|
| Stock symbol: | OTCBB: OXIS
|
| Stock price: | $0.02 at close July 29
|
| Market capitalization: | $7.36 million
|
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