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| Home : MagIndustries Announces Final Approval of the Convertibility of the Evergreen Loan and New Executive Appointments |
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Nov 21
2011 |
MagIndustries Announces Final Approval of the Convertibility of the Evergreen Loan and New Executive Appointments |
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TORONTO, ONTARIO--(Marketwire - Nov. 21, 2011) - MagIndustries Corp. (TSX:MAA) (the "Company") is pleased to announce full approval of the convertibility of a $50 million loan by Evergreen Resources Holdings Inc. to the Company into common shares of the Company. The conversion of the loan plus accrued interest at $0.1712 per share would result in the issue of 295,770,211 shares of MagIndustries. The conversion would result in Evergreen's ownership interest in MagIndustries increasing from approximately 77% to approximately 86%. At the Special Meeting of Shareholders held on October 25, 2011, the disinterested shareholders of the Company approved the conversion feature, and MagIndustries has now received notification from the Toronto Stock Exchange that it has approved the transaction and the listing of the shares which will be issued on conversion of the loan. |
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| Source:http://www.marketwire.com/mw/release.do?id=1589582&sourceType=3 |
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