New York, Dec. 31 - OXIS International, Inc. said it entered into agreements for a $6.5 million private placement of stock and warrants.
The company will sell 12,264,158 shares at $0.53 per share. Investors will also receive five-year warrants for 12,264,158 shares. Half the warrants have an exercise price of $0.66, the other half of $1.00.
Rodman & Renshaw, LLC was placement agent.
The Portland, Ore., pharmaceutical company will use proceeds to support and expand its research and development activities, to pay down existing debt and for other working capital purposes.
OXIS also said holders of a $570,000 bridge loan from January 2004 will convert it into 1.425 million common shares and five-year warrants for 712,500 shares exercisable at $1.00 per share.
Issuer: | OXIS International, Inc.
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Issue: | Stock
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Amount: | $6.5 million
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Shares: | 12,264,158
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Price: | $0.53
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Warrants: | For 12,264,158 shares
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Warrant term: | 5 years
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Warrant strike price: | Half at $0.66, half at $1.00
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Announcement date: | Dec. 31
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Stock price: | $0.54 at close on Dec. 30
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