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Diamcor Mining Inc. (TSXV:DMI) has exercised its right to convert the principal and accrued interest into Company common shares, pursuant to the terms of the $2,000,000 convertible debenture originally issued to its strategic alliance partner, Tiffany & Co. Canada.
As quoted in the press release:
The Convertible Debenture was part of a $5,500,000 long term financing with Tiffany, as announced on March 29, 2011. The Company has converted a total amount of $2, 295,920.25 inclusive of principal and accrued interest at the stipulated conversion rate of $0.75 per Company common share, resulting in a total issuance of 3,061,227 Company common shares to Tiffany. The hold period applicable to the shares issued upon conversion of the Convertible Debenture expired four months and one day from the date of issuance of the Convertible Debenture.
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