OTCPK:RIDYF - Post by User
Comment by
celesm2on Sep 24, 2012 4:15pm
183 Views
Post# 20408182
RE: Retirement of CAN$10 Million Debenture
RE: Retirement of CAN$10 Million Debenture Private Placement
Mr. Buchan and Richmont have executed a non-binding term sheet in connection with the contemplated subscription by Mr. Buchan of a CAN$10 million convertible debenture of Richmont. The debenture will bear a 7.6% annual interest rate and will be convertible into Richmont common shares at a conversion price of CAN$12.17 per common share at the option of Mr. Buchan at any time following the date of issuance. Mr. Buchan will have the right to demand payment of the debenture in full at any time 18 months from the date of issue, and Richmont will have the right to redeem the debenture in full, at any time after 24 months from the date of issue. The private placement is scheduled to close on or before January 30, 2012, subject to the execution of definitive agreements and other customary closing conditions as well as the prior acceptance and approval of the Toronto Stock Exchange and the NYSE Amex.
Im confused as to why these were paid off before the "24 month period". it hasnt been a year even!!
Whe