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| Home : Diaz Announces Proposed Share Consolidation and Conversion of Debt to Equity |
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Oct 19
2012 |
Diaz Announces Proposed Share Consolidation and Conversion of Debt to Equity |
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CALGARY, ALBERTA--(Marketwire - Oct. 19, 2012) - Diaz Resources Ltd. ("Diaz" or the "Company") (TSX VENTURE:DZR) today announced a proposal to reorganize the Company's capital structure and convert an aggregate of $15,085,000 of debt into equity, eliminating approximately $1,584,000 in annual interest payments, through a plan of arrangement under the Alberta Business Corporations Act (the "Share and Debt Reorganization"). Pursuant to the Share and Debt Reorganization: (i) Diaz's common shares ("Pre-Consolidation Shares") will be consolidated on the basis of 25 Pre-Consolidation Shares for one new post-consolidation common share ("New Diaz Share"); (ii) the outstanding 10.5% convertible unsecured subordinated debentures ("Unsecured Debentures") and all accrued and unpaid interest earned thereon will be converted into New Diaz Shares at a conversion price of $0.50 per share; and (iii) the outstanding 10.5% convertible secured subordinated debentures ("Secured Debentures") and all accrued and unpaid interest earned thereon will be converted into New Diaz Shares at a conversion price of $0.11 per share. |
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| Source:http://www.marketwire.com/mw/release.do?id=1715605&sourceType=3 |
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