Series B convertible preferreds, warrants sold in three-tranche deal
By Devika Patel
Knoxville, Tenn., Jan. 6 – OxySure Systems Inc. said it plans a $1.58 million private placement of its 6% series B convertible preferred stock and warrants. It raised $525,000 on Dec. 29.
The company is selling 1,575 units of one series B preferred and warrants for 1,818 shares at $1,000 per unit. Each preferred converts to common shares at $0.55 per share. OxySure sold 525 units in the first tranche.
The warrant is exercisable at $1.20, a 60% premium to the Dec. 26 closing share price of $0.75. The preferred conversion price is a 26.67% discount to that price.
The deal will be completed in two more tranches of $525,000 each.
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 1,818 shares
|
| Amount: | $1,575,000
|
| Units: | 1,575
|
| Price: | $1,000
|
| Dividends: | 6%
|
| Conversion price: | $0.55
|
| Warrants: | Warrants for 1,818 shares per unit
|
| Warrant strike price: | $1.20
|
| Announcement date: | Jan. 6
|
| Settlement date: | Dec. 29 (for $525,000)
|
| Stock symbol: | OTCBB: OXYS
|
| Stock price: | $0.75 at close Dec. 26
|
| Market capitalization: | $19.31 million
|
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