Amends Previously Issued Convertible Note of TRL TORONTO, ONTARIO, Jul 30, 2014 (Marketwired via COMTEX) -- Mr. Ian Ihnatowycz, announced that effective today, he has entered into an amending agreement (the "Amending Agreement") to the US$25 million convertible note (the "Note") of Trimel Pharmaceuticals Corporation (the "Issuer") issued on July 16, 2014 to his private investment holding company First Generation Capital Inc. (the "Offeror").
Pursuant to the Amending Agreement, the maximum number of common shares issuable on conversion of the Note has been reduced from 37,746,796 to 8,945,796. The remaining terms of the Note are unchanged. If the maximum amount of the Note that may be converted was converted in accordance with its terms, the Offeror would hold a total of 47,602,093 common shares of the Issuer, corresponding to a securityholding percentage of approximately 23.70% (based on a total of 200,873,234 common shares outstanding following any such conversion, as advised by the Issuer).
Source:
https://www.marketwatch.com/story/first-generation-capital-inc-amends-previously-issued-convertible-note-of-trimel-pharmaceuticals-corporation-2014-07-30
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Newbie question: Can someone explain this convertible notes thing thats going on?