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Microcap & Penny Stocks : Tokyo Joe's Cafe / Anything goes -- Ignore unavailable to you. Want to Upgrade?

To: kentoo who wrote (14007)	5/4/1998 1:02:00 PM
From: Turboe	Respond to of 34592

In April 1998, Hyal announced the restructuring of a US$11.5 million convertible debenture issue. As a result of the restructuring, the Company redeemed US$5.2 million in debentures for 95% of their principal amount and issued US$6.3 million in new unsecured debentures. The new debentures bear 12% annual interest and mature on April 16, 1999, of which US$1.4 million were immediately converted into 5,283,963 common shares of the Company. Contingent value rights were granted to the holders of the new debentures, which entitle them to a maximum value of US$1.4 million if there is a change in control of Hyal at a price above US$0.2625 per share. As a result of this restructuring, Hyal had 31,703,780 common shares and US$4.9 million in debentures outstanding at April 17, 1998 and cash of $9.4 million (US $6.6 million) at March 31, 1998.