OILEX FILES 8-K TO SEC: ANNOUNCES DEBENTURE
The following is the full text of this morning's SEC filing. It can also be obtained from the following link:
freeedgar.com
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ITEM 9. Sales of Equity Securities
On February 19, 1998, the Company initiated a placement of 8%
Convertible Debentures Due March 1, 2001, with U.S. entities,
in the amount of $2,000,000 being sold at 100% of the amount
of such debenture. The terms of the conversion rights are such
that the holder of these notes may convert all or a portion of the
principal and interest due, at any time, into common stock of the
Company at a conversion price of $2.00 per share for each share
of Common Stock. As of February 24, 1998, a total of $250,000
had been committed. This offering is continuing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.Dated: February 24, 1998
OILEX, INC./s/ Oliver Timmins, IIIOliver Timmins IIIPresident
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