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AMG affiliate Timminco - Conversion of convertible note into Timminco common shares
AMG affiliate Timminco - Conversion of convertible note into Timminco common shares
Sep. 28, 2009 (Hugin AS) --
Amsterdam, 28 September 2009 --- AMG Advanced Metallurgical Group
N.V.'s ("AMG", EURONEXT AMSTERDAM: "AMG") 47.9% owned affiliate,
Timminco Limited ("Timminco"; TSX: TIM) announced today that ALD
International LLC (the "LLC"), a controlled subsidiary of Safeguard
International Fund, L.P., has elected to exercise its right to
convert the entire principal amount outstanding of $2.65 million
under the $3.0 million promissory note issued August 31, 2006 into
Timminco common shares.
Consistent with the terms of the note, Timminco will issue
approximately 7.2 million common shares, at a conversion rate of
C$0.40 per common share, as full and final settlement of the
principal amount outstanding. Timminco and the LLC have also agreed
that Timminco will also issue approximately 480,000 common shares at
a price of C$1.41 per common share in satisfaction of outstanding
interest on the note of $626,536. The price of C$1.41 represents the
five-day volume-weighted average price of Timminco common shares on
the Toronto Stock Exchange. The five-day average closing rate for
the conversion of U.S. dollars into Canadian dollars as reported by
the Bank of Canada was $1.08. The issuance of these common shares
(convertible and interest), which combined represents approximately
6.2% of Timminco's issued and outstanding shares, is subject to
receipt of all necessary regulatory approvals, including approval of
the Toronto Stock Exchange.
The issuance of these common shares decreases AMG's ownership in
Timminco from 50.8% to 47.9%.
ik ben niet zo goed in het Engels beurs vakjargon, dus maar 1 vraag, hoe slecht is dit nieuws voor Tim.?