Published on 10/26/2006 in the Prospect News Biotech Daily and Prospect News PIPE Daily.
New Issue: Oxis sells $1.7 million of discounted convertible debentures
By Sheri Kasprzak
New York, Oct. 26 - Oxis International, Inc. wrapped a $1,694,250 private placement of secured convertible debentures for proceeds of $1.35 million.
Bristol Investment Fund, Ltd. was the lead investor in the zero-coupon debentures, which are due Oct. 25, 2008.
The debentures were issued at a 20.318% discount and are initially convertible into 4,857,142 shares at $0.35 each.
The investors will receive series A warrants for 2,420,357 shares, exercisable at $0.35 each for five years; series B warrants for 2,420,357 shares, exercisable at $0.385 each for one year; series C warrants for 4,840,714 shares, exercisable at $0.35 each for two years; series D warrants for 2,420,357 shares, exercisable at $0.35 each for six years; and series E warrants for 2,420,357 shares, exercisable at $0.385 each for six years.
Proceeds will be used for the repayment of $600,000 in debt, working capital and general corporate purposes.
Located in Foster City, Calif., Oxis develops clinical and research assays, diagnostics, nutriceutical and therapeutic products.
| Issuer: | Oxis International, Inc.
|
| Issue: | Secured convertible debentures
|
| Amount: | $1,694,250
|
| Maturity: | Oct. 25, 2008
|
| Coupon: | 0%
|
| Price: | 79
|
| Conversion price: | $0.35
|
| Conversion ratio: | Into 4,857,142 shares
|
| Warrants: | Series A for 2,420,357 shares; series B for 2,420,357 shares; series C for 4,840,714 shares; series D for 2,420,357 shares; series E for 2,420,357 shares
|
| Warrant expiration: | Five years for series A, one year for series B, two years for series C, six years for series D and six years for series E
|
| Warrant strike price: | $0.35 for series A, C, D; $0.385 for series B and E
|
| Investors: | Bristol Investment Fund, Ltd. (lead)
|
| Settlement date: | Oct. 25
|
| Stock symbol: | OTCBB: OXIS
|
| Stock price: | $0.21 at close Oct. 25
|
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