Investor H.C. Wainwright also gets warrants with 10% unsecured notes
By Devika Patel
Knoxville, Tenn., Aug. 9 – Oxis International, Inc. raised $250,000 in the first tranche of a $1 million private placement of unsecured convertible debentures with H.C. Wainwright & Co., LLC, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 10% debentures are convertible into common stock at $0.40 per share. The conversion price is a 122.22% premium to $0.18, the Aug. 8 closing share price.
H.C. Wainwright also received warrants. The warrants are exercisable at $0.45, which is a 150% premium to the Aug. 8 closing price.
Located in Foster City, Calif., Oxis develops clinical and research assays, diagnostics and nutriceutical and therapeutic products.
Issuer: | Oxis International, Inc.
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Issue: | Unsecured convertible debentures
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Amount: | $1 million
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Coupon: | 10%
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Conversion price: | $0.40
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Conversion premium: | 122.22%
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Warrants: | Yes
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Warrant strike price: | $0.45
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Investor: | H.C. Wainwright & Co., LLC
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Settlement date: | Aug. 9 (for $250,000)
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Stock symbol: | OTCBB: OXIS
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Stock price: | $0.18 at close Aug. 8
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Market capitalization: | $4.25 million
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