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Gold/Mining/Energy : T.ITE: iTech Capital (TSE)
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To: keith massey who wrote (3008)12/7/1999 9:15:00 PM
From: Gary S  Read Replies (1) of 5053
 
Re: conversion decision

From the June 21/99 news:

The structure of the private placement is an 8 per cent subordinated exchangeable note due June 30, 2000, that gives Jordex the right to convert the note to either convertible preferred stock or common stock of Medsite.com, Inc. The instrument has an interim maturity date of Nov. 30, 1999, by which date Jordex must announce its conversion decision.

My interpretation of this is that JDX had to announce whether they were going to convert into either preferred or common shares, as opposed to the actual conversion ratio. All of us here know that JDX decided to convert the note on Oct. 28/99 into 200,000 preferred shares.

See the SEDAR filing. It's a PDF document (i.e. you need Adobe Acrobat reader to view it).

sedar.com

As far as JDX is concerned, they have "announced their decision". Whether very many people know about it is a completely different matter. :)
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