Boyuan Construction Announces Partial Debenture Repayment and Plans for Remitting the Balance of Funds
TORONTO, Dec. 18, 2018 (Canada NewsWire via COMTEX News Network) -- Boyuan Construction Group, Inc., (TSX: BOY) ("Boyuan" or the "Company") today announced that the C$2.9 million previously remitted to the trustee for the Company's 11.5% unsecured convertible debentures due on October 31, 2018 (the "Unsecured Debentures"), will be distributed by the trustee to holders of the Unsecured Debentures on December 21, 2018.
More specifically, the trustee will pay the holders the outstanding interest amount due at maturity and the interest accrued on the unpaid principal and unpaid interest from October 31 to December 20, 2018, and approximately C$2.5 million of the principal.
Moreover, the Company expects to remit approximately C$2.6 million of the remaining balance to the trustee by December 21, 2018, and remit the remaining balance due by the end of December.