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<PAGE>
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, III
Oliver Timmins III
President
