June 30th $26.5 million of new shares get issued$26.5 million of shares issued at a price equal to 95% of the 20 day vwap 5 tradingb days before maturity.
that will be close to 10 million shares issued to debt holders who more than likely dont want to be holding canacol equity. july could see a lot of selling pressure.
Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE) (OTCQX:CNNEF) (BVC:CNEC) announced today that it has sent the maturity notice required under the indenture governing the 8.00% convertible unsecured subordinated debentures of the Corporation (the "Debentures") due June 30, 2015 (the "Maturity Date"), advising registered Debenture holders that the Corporation has elected to satisfy its obligation to repay the principal amount outstanding, together with all accrued and unpaid interest thereon, by issuing and delivering to the holders that number of common shares of the Corporation ("Common Shares") equal to the number obtained by dividing such principal amount of the Debentures and the accrued and unpaid interest thereon by 95% of the VWAP of the Common Shares for the 20 consecutive trading days on the Toronto Stock Exchange ending on the fifth trading day immediately preceding the Maturity Date. There is currently Debentures outstanding in the aggregate principal amount of CDN $25,519,000, together with accrued and unpaid interest thereon in the amount of CDN $1,020,760.