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Oxygen Biotherapeutics, Inc. Announces Closing of Offer to Acquire Warrants
Date:7/20/2009

DURHAM, N.C., July 20 /PRNewswire-FirstCall/ -- Oxygen Biotherapeutics, Inc. (OTC Bulletin Board: OXBO) today announced that the company has closed its proposed acquisition of outstanding common stock purchase warrants.

The company acquired and cancelled 52.2 million common stock purchase warrants with an exercise price of $0.247 per share and an additional 18.7 million warrants with an exercise price of $0.245 per share, or a total of 70.9 million warrants. Prior to the transaction there were 121 million warrants outstanding, so the transaction reduces that number to 49.1 million common stock purchase warrants now outstanding. In exchange for the cancelled warrants the company issued to the holders 35.5 million shares of restricted common stock and paid to them $2.8 million in cash.

"The closing of the new financing by the Vatea Fund and the exchange of the warrants marks an enormous leap towards positioning our company for attracting and obtaining future financings that are necessary to support our product development," said Chris Stern, Oxygen Biotherapeutics, Inc. chairman and CEO. "We are glad to have a financing arrangement in place with Vatea Fund that provides the means, after achieving specific milestones, to finance our future growth and development plans. We have significantly improved our working capital position which will enable us to advance the product development programs we have in place and consider a move to a major stock exchange."

The securities purchase agreement with Vatea Fund, assuming all milestones are achieved in a timely manner, provides for Vatea Fund to purchase an additional 60 million shares of the company's stock for a total purchase of 80 million shares for $20 million in cash.

For additional comments by Chris Stern on the investment by Vatea Fund, please see his latest blog and the video posted on the company websi
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SOURCE Oxygen Biotherapeutics, Inc.
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