TECHMIRE NR - DEBENTURE CONVERSIONSee Techmire Ltd. New Release of March 22, 2000 for Announcement of Conversion of Debentures. Try the link below or see SH News Releases.
https://www.newswire.ca/releases/March2000/22/c6190.html
If I could briefly summarize from the NR, since the common stock has increased in price, Techmire will initiate conversion of all 8% coupon debentures into common shares on April 25,2000.
Aggregate Face Value of debentures to be converted is $2,810,000 which is equivalent to 1,405,000 common shares (50 common shares for $100 face value of debentures).
Liquidity of common shares will increase from approx. 2,730,000 shares to post conversion total of approx. 4,135,000 shares - which would provide for a public float of 2,223,000 shares.
Debt servicing will be reduced by over $200,000 on an annual basis.
NR also includes a repeat of summary and comparison for 3 and 6 month of results (Q2,Q1&Q2) ending Jan 31, 2000 and Jan 31, 1999.
IMHO - convertible debenture holders should be fully aware of the consequences of this conversion announcement! I make no guarantees of accuracy. Due your own DD.
Check out this important News Release!
Comments?
not surprisin'
sizzlin'