OriginOil secures first institutional financing

In California, OriginOil has entered into a definitive convertible notes purchase agreement with institutional investors for an aggregate purchase price of $1 million.

The closing of the sale of the notes is anticipated to occur on or about July 11, 2011, subject to customary closing conditions.  Riggs Eckelberry, OriginOil’s CEO commented that this was OriginOil’s first institutional investment round, and that Rodman & Renshaw was the agent for the transaction “for this and future financings.”