David, details on the convert, I feel the terms are extremely favorable for the debenture holders, a concern I would have here with the debentures convertible at less than the share price would be that whoever gets the debentures shorts the stock 100%, they pull out cash, receive interest and have ZERO risk, a good income, with NO MONEY down. Scott
Canadian Company Press Releaseÿ
CUXÿÿ1998-03-30 ÿÿ(provided courtesy of Canadian Corporate News.)
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Centurion Closes Private Placement of Convertible Notes
CALGARY, ALBERTA--Centurion announces that it has closed a
private placement of U.S.$6,500,000 of 8 percent convertible notes
(the "Notes"). The Notes have a term of two years from March
26,1998, bear interest on the principal amount of the Notes at the
rate of 8 percent per annum and are convertible, at the option of
the holder into the common shares of the Corporation at a
conversion price of U.S.$0.47 until March 26, 1999 and U.S.$0.52
until March 26, 2000. Based on the current exchange rate, the
conversion prices, expressed in Canadian funds are approximately
$0.67 and $0.74 respectively. The Notes are general obligation
notes and are unsecured. A maximum of 13,829,787 common shares of
the Corporation are issuable pursuant to the conversion of the
Notes. |
