Do the math Nuran Wireless Inc. has concluded the amendment of its previously issued senior secured convertible debentures. In accordance with the proposed amended terms that were announced on Jan. 4 to fix the conversion price of the debentures at 10 cents per common share (the debentures are currently convertible at 12 cents per common share) and remove any adjustment provisions relating to future financings completed at a price lower than the conversion price. In consideration of the debenture amendment, the company agreed to issue to debenture holders that accept the debenture amendment offer (other than insiders) such number of common shares of the company as is equal to 5 per cent of the principal amount owing to the respective debenture holder under the debenture at a deemed price of seven cents per common share, subject to compliance with applicable securities laws and any approvals required by the Canadian Securities Exchange.
Except as outlined in this news release, all other terms of the debenture remain unaltered and continue to be in force and effect.
The company has received acceptance from debenture holders representing an aggregate of $2,323,000 over the $4.2-million total debenture amount, and has amended the terms of such debenture holders accordingly. Still, according to terms, the company is issuing an aggregate of 1,348,571 new common shares at a deemed price of seven cents to debenture holders who accepted the amendment