GREY:WFEMF - Post by User
Post by
whoisyourpapaon Jun 28, 2014 12:12pm
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Post# 22703014
NOTICE OF PROPOSED ISSUANCE OF LISTED SECURITIES
NOTICE OF PROPOSED ISSUANCE OF LISTED SECURITIES -
The Company is a party to a Convertible Debenture Agreement entered into between the Company and Dundee Corporation, the Company is obligated to pay interest on the loan of $4,000,000 at a rate of 12% per annum, payable on the last day of each calendar quarter.
The Company shall have the irrevocable right, from time to time, to make an election in respect of all or any part of any interest amount by delivering to Dundee, on the interest payment date (as defined in the Agreement), a certificate representing such number of common shares equal to the quotient of the interest amount divided by the market price of the common shares on the last trading day of the common shares immediately prior to the interest payment date. Accordingly, the Company hereby elects to issue common shares in lieu of a cash payment for interest payment due on June 30, 2014.
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Total aggregate consideration payable to Dundee Corporation for the June 30, 2014 interest payment is being satisfied by the issuance of 997,260 common shares of the Company.