MMT convertible debenture amendmentHello everyone,
Mart Resources convertible debenture amendment
2007-10-11 16:31 ET - Private Placement - Debenture
Further to the TSX Venture Exchange bulletin dated Nov. 30, 2006, the exchange has accepted the company's request to amend the terms of an $18,875,000 convertible debenture held by two placees. Pursuant to the amended terms, the conversion price of the unsecured debenture has been reduced to 48 cents per unit until May 20, 2008, and to 55 cents per unit thereafter until Nov. 20, 2008.
Convertible debenture: $18,875,000
Conversion price: Convertible into 14,393,939 units
Maturity date: Nov. 20, 2008
Warrants: Each unsecured warrant entitles the holder to acquire one additional common share of the company at an exercise price of 48 cents per share if exercised within year one of the issuance of the secured warrant and 55 cents per share if exercised in year two.
Interest rate: 8 per cent per year. Interest will be paid on the first anniversary date of the notes and semi-annually thereafter until the earlier of the conversion or the maturity date.
Insiders: RAB Octane Master Fund Inc., $9.5-million; RAB Energy Fund Inc., $8,875,000
GLTA,
I_luv_GVG