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BacTech Environmental Corporation (CNSX:BAC) announced that REBgold Corporation has extended the expiry date of $410,000 principal amount of REBgold’s current outstanding 18% unsecured convertible debentures and 4,100,000 of the common share purchase warrants originally issued by REBgold in October 2010.
As quoted in the press release:
As a result of the corporate reorganization by Plan of Arrangement which was completed effective December 2, 2010 involving REBgold and BacTech, the Debentures are convertible into units (the “Units”) comprised of one common share of REBgold and one-fifth of a common share of BacTech, at a conversion price of $0.10 per Unit. The Warrants are exercisable for Units at a price of $0.12 per Unit. To the extent that Debentures are repaid, BacTech is responsible for 20% of the cash payment.
Click here to read the BacTech Environmental Corporation (CNSX:BAC) press release
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