OriginOil sells $1.18 million of convertibles via private placement

Rodman & Renshaw is agent; discounted debentures sold at $1 million

By Devika Patel

Knoxville, Tenn., July 11 - OriginOil, Inc. sold $1.18 million of original issue discount convertible debentures for $1 million in a private placement on July 11, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal was announced July 7 and priced the same day.

Investors also received warrants for 11,765,000 common shares.

Rodman & Renshaw, LLC was the agent.

The Los Angeles company has developed a technology to produce a bio-fuel from algae through a cost-effective, high-speed manufacturing process to replace petroleum in various applications such as diesel, gasoline, jet fuel, plastics and solvents.

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