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Microcap & Penny Stocks : OILEX (OLEX) -- Ignore unavailable to you. Want to Upgrade?

To: edward shapiro who wrote (2720)	2/9/1998 7:21:00 PM
From: OFW	Read Replies (1) \| Respond to of 4276

OILEX DOES IT AGAIN! ANOTHER 8-K FILING FOR ANOTHER DEBENTURE! Oilex just filed the following to the SEC: SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): January 28, 1998 OILEX, INC. (Exact name of registrant as specified in its charter) Commission File Number: 0-28686 Nevada 33-01944489 (State or other jurisdiction (IRS Employer of incorporation or organization) identification No.) 3050 Post Oak Boulevard, Suite 1760 Houston, Texas 77056 (Address of principal executive offices) (713) 629-5998 Registrant's telephone number ITEM 9. Sales of Equity Securities Pursuant to Regulation S. On January 28, 1998, the Company initiated a placement of 12% Convertible Debentures Due December 31, 1999, with non-U.S. entities, in the amount of $625,000 being sold at 80% of the amount of such debenture. This placement was arranged by Select Capital Advisors, Inc., which received a commission of 10% plus a 2% unaccountable expense allowance for its services. 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 after 45 days and before one year from the date of closing, into common stock of the Company at a conversion price for each share of Common Stock equal to the lower of (a) 80% of the five-day average closing bid price prior to closing; or (b) 80% of the closing bid price of the Common Stock for the date immediately preceding the date of receipt by the Company of notice of conversion; or (c) 80% of the five-day average closing bid price of the Common immediately preceding the date of receipt by the Company of notice of conversion, as reported by the National Association of Securities Dealers ("NASDAQ"). As of February 9, 1998, a total of $625,000 had been committed. This offering is concluded. 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 9, 1998 OILEX, INC./s/ Oliver Timmins, IIIOliver Timmins IIIPresident