GREY:CLGRF - Post by User
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December3on Dec 17, 2012 9:34am
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Post# 20739178
RE: March 2013
RE: March 2013 Yep, you are right - My Bad!
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3Q2012 FS
(c) Debenture
The debenture bears a 12 percent annual interest rate, is due May 23, 2013 and requires monthly interest only payments. Upon entering into the debenture indenture agreement, debenture holders received warrants in the amount of 10 percent of the debenture purchase (Note 11). Each warrant entitles the holder to acquire one common share of the Company at an exercise price of $1.60 per common share until May 23, 2013. The value of the warrants associated with the debenture on the date of issuance was $0.6 million.
During 2009, the Company repaid $8.3 million of the outstanding debentures, representing principal plus unpaid interest thereon up to the repayment date. During 2011, the Company repaid $0.1 million of the outstanding debentures, representing principal plus unpaid interest thereon up to the repayment date. A total of $9.8 million in face value of debentures remain outstanding at September 30, 2012.