Gamma Resources Settles Convertible Notes with Cash and Equity
Gamma Resources Ltd. (TSXV:GAMA) has fully settled outstanding convertible promissory notes with Mercer Street Global Opportunity Fund and Cavalry Fund I through a combination of cash and equity, eliminating the debt from its balance sheet.
Gamma Resources Ltd. (TSXV:)(OTCQB:) settled the remaining balance of its outstanding convertible promissory notes through a combination of cash and equity, the Vancouver-based metals and mining company announced June 22 [1]. The settlement with noteholders Mercer Street Global Opportunity Fund LLC and Cavalry Fund I LP fully extinguishes the debt.
The company did not disclose the principal amount settled, the cash consideration paid, or the number of shares issued in the transaction. The release states the notes were convertible, meaning holders previously had the right to exchange the debt for common shares at a predetermined price.
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