Oncologix Tech, Inc. (OTCPK:OCLG) announced that it has entered into series B convertible preferred stock purchase agreement with Diversified Innovative Marketing Enterprises, Ltd. for private placement of 53,000 series B convertible preferred stock at $188.679245 per share for gross proceeds of $10,000,000 on August 31, 2016. The series B shares shall be convertible into 0.001% of the issued and outstanding common stock of the company at any time after September 12, 2017. The company will receive funding in three tranches of $4,000,000, $1,000,000, and $5,000,000 respectively to be received over a period of 90 days on August 31, 2016, September 16, 2016, and October 21, 2016 respectively. The initial tranche of $4,000,000 was to be delivered on September 2, 2016, however the investor is in default and no funds have been received yet. The company at the closing will reimburse the reasonable legal fees and expenses of counsel of the investors.