Zargon Oil & Gas Ltd ZARFF

RE:debentures mature Dec 31,2019

[rad10]

hawkowl1 wrote: Zargon has borrowings through its convertible debentures, which were issued in May 2012 and mature on
December 31, 2019. Zargon may redeem the convertible debentures with cash or through the issuance of
Zargon common shares priced at 95 percent of the then current Zargon share price. Interest is payable
semi-annually at a rate of eight percent (six percent prior to April 1, 2017), calculated on the gross proceeds
of $41.94 million ($57.50 million prior to March 31, 2017). Interest on convertible debentures in the 2017
third quarter were $0.83 million compared to $0.84 million in the prior quarter of 2017 and $0.86 million in
the third quarter of 2016. For more details, please refer to Note 7 of the interim consolidated financial
statements.
Current Tax

This is their only debt and there is extensive insider ownership - it's been a good holding with a significant discount to face value. Not very liquid though.