Card debentures.If all the debentures are converted CJ will have $28 million in liability from the debentures and $28 million in cash from the shares issued which could reduce their debt down to $170 million. They could reduce another $40 million by the end of the year bringing debt down to $130 million which would be very low for a company producing 17000 barrells of oil per day. Dont know of any others with that little debt.
Basically this move makes CJ a lot stronger financially at the cost of a 20% dillution.
Good trade off in my opinion.