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): August 26, 1997
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<PAGE>
ITEM 9. Sales of Equity Securities Pursuant to Regulation S.
On July 17, 1997, the Company initiated a placement of 12%
Convertible Debentures Due July 31, 1998, with non-U.S.
entities, in the amount of $1,375,000. 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 the conversion rate of 80% of market price on the
date of closing or 80% of the market price on the date of
conversion, at the choice of the holder. As of September 5,
1997, a total of $1,090,000 had been committed. This offering
is continuing and has not concluded as yet.
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: September 19, 1997
OILEX, INC.
/s/ Oliver Timmins, III
Oliver Timmins III
President
