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Divestco Inc. - Class A V.DVT


Primary Symbol: DSVTF

Energy
Divestco Inc is the Canada-based exploration services company. The company is engaged in the development, designing and sales of geoscience solutions to Energy and Service companies. The company provides Software & Data, Seismic Processing, Geomatics Services, Seismic Data & Brokerage, and Land Services. The company operates in four business segments namely, Software and Data comprises of software exploration products and also provide full suite of support data layers; Services segment comprises of geomatics and processing; Seismic Data comprises of seismic brokerage and data management services which also contributes a major part of revenue and, Corporate and Other segment comprises of overall strategic consultant to companies. Most of its revenue is generated from the Canada market.


EXPM:DSVTF - Post by User

Divestco Inc. - Class A
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Post by sumdimon Dec 08, 2008 10:42pm
1034 Views
Post# 15634424

Debenture settlement

Debenture settlement

Divestco restructures convertible debentures

2008-12-08 18:26 ET - News Release

Mr. Stephen Popadynetz reports

DIVESTCO SUCCESSFULLY RESTRUCTURES UNSECURED CONVERTIBLE DEBENTURES

Divestco Inc. has agreed to a restructured payment plan with regard tothe previously announced deferred payment of approximately $7.4-millionof unsecured convertible debentures that had matured on Nov. 21, 2008.The company acquired the debentures through the May 3, 2007, plan ofarrangement between BlueGrouse Seismic Solutions Ltd., Divestco and1286960 Alberta Ltd.

Revisedmaturity terms have been agreed to between Divestco and over two-thirdsof the outstanding debentureholders. The company is in the process offormalizing the same terms with the remaining debentureholders. Therevised maturity terms include a payment of 25 per cent of theoutstanding principal on or before Dec. 15, 2008, with the balancetermed out in equal monthly principal payments at a 10-per-cent annualinterest rate commencing Jan. 15, 2009. The obligation is to be retiredin full by Dec. 15, 2009.


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