OxySure Systems (OXYS) Raises $3 Million from Institutions, Plans to Apply to List on National Exchange - Video News Alert on InvestmentPitch.com
Vancouver, British Columbia-- (Marketwired - July 9, 2015) - Medical device innovator, OxySure Systems (OTCQB: OXYS) has placed $2.7 million in convertible preferred shares and another $300,000 in convertible notes with institutions.
The first $1 million has been received with the 2nd tranche of $2 million placed in escrow to be released upon the uplisting of the company's common shares to a national exchange such as NasdaqCM or NYSE MKT.
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Julian T. Ross, Chairman and CEO of OxySure stated: "With the additional capability the financing provides we are able to continue pursuing our stated growth goals for 2015, which include growing our sales force, expanding overseas, preparing our direct to consumer campaign, launching at least one new product, and completing an Uplisting."
The proceeds from the first tranche, from the issuance of "Series C" Convertible Preferred shares, will be used to retire existing convertible notes, for uplisting expenses, and for working capital.
The 6% Series C shares will pay a quarterly dividend in cash or common shares at the company's option, and have a trading volume restriction of 10% of the company's weekly trading volume.
The Series D preferred shares also pay 6% on a quarterly basis, payable in cash or common shares at the company's option.
The Series D shares are convertible at the higher of $0.49 per share, or a 20% discount to the then current trading price of the common shares at the time of conversion.
OxySure, a global leader and medical device innovator, pioneered a ground-breaking technology to produce medically pure oxygen from inert powders, making the provision of emergency oxygen safer, more accessible and easier to use than traditional oxygen delivery systems. In addition to supplying emergency oxygen, OxySure will support participants and attendees by providing automated external defibrillators, oxygen pulse oximeters, and other medical emergency equipment and services.
OxySure will be a Champion Partner of the Special Olympics World Games, set to take place July 25th to Aug 2nd in Los Angeles. The Special Olympics, with 7,000 athletes, 3,000 coaches from 177 countries, 30,000 volunteers, plus an estimated 500,000 spectators, will be the largest sports and humanitarian event anywhere in the world in 2015.
The shares are trading at $0.45, and with 29.8 million shares outstanding, the company is capitalized at $13.4 million.
For more information, please visit the company's website www.oxysure.com.
In Canada, investor relations is handled by Bettina Filippone of Renmark Financial Communications, who can be reached at bfilippone@renmarkfinancial.com. In the US, please contact Jon Cunningham at Redchip Companies, who can be reached at jon@redchip.com.
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