Series B convertible preferreds sold with four-year warrants in deal
By Devika Patel
Knoxville, Tenn., Jan. 2 - OxySure Systems Inc. completed a $750,000 private placement of its 6% series B convertible preferred stock on Dec. 26, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 750 units of one preferred and warrants for about 909 shares at $1,000 per unit. Each preferred converts to common shares at $0.55 per share.
The warrant is exercisable at $1.20 for four years.
The strike price reflects a 60% premium to the Dec. 24 closing share price of $0.75. The preferred conversion price is a 26.67% discount to that price.
Based in Frisco, Texas, OxySure has developed a technology that creates medically pure oxygen from two dry, inert proprietary powders. With this technology, oxygen is generated on demand.
| Issuer: | OxySure Systems Inc.
|
| Issue: | Units of one series B convertible preferred share and warrants for about 909 shares
|
| Amount: | $750,000
|
| Units: | 750
|
| Price: | $1,000
|
| Dividends: | 6%
|
| Conversion price: | $0.55
|
| Warrants: | Warrants for about 909 shares per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $1.20
|
| Settlement date: | Dec. 26
|
| Stock symbol: | OTCBB: OXYS
|
| Stock price: | $0.75 at close Dec. 24
|
| Market capitalization: | $18.03 million
|
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