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): December 23, 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 December 23, 1997, the Company initiated a placement of 12%
Convertible Debentures Due December 31, 1998, with non-U.S.
entities, in the amount of $1,375,000. This placement was
arranged by Heyett Capital Ltd., which received a commission
of 10% 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) 65% of the five-day average
closing bid price prior to closing; or (b) 65% 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) 65% 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 December 31, 1997,
a total of $175,000 had been committed. This offering is not
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: January 9, 1998
OILEX, INC.
/s/ Oliver Timmins, III
Oliver Timmins III
President
