|
|
|
Tahera Announces Notice of Redemption of Secured Convertible Debenture |
02/24/2004 |
|
Download this Press Release
|
Toronto – February 24, 2004
Tahera Corporation announces that it has delivered a Redemption Notice to Dundee Precious Metals Incorporated, the holder of an 8% Secured Convertible Debenture, due August 23, 2004. Tahera will redeem the full principal amount, plus accrued interest, in cash, totaling $2.869 million on March 24th, 2004 unless the holder exercises the right to convert into common shares and common share purchase warrants, prior to that date. Tahera expects that the holder will exercise such rights during this interval pursuant to the terms of the Secured Convertible Debenture.
In addition to becoming completely debt free by this redemption, Tahera Corporation will benefit from the elimination of the remaining interest payments and the release of the Jericho project security. The Company will have significantly enhanced financial flexibility as a result of this transaction.
If fully converted, Tahera will issue 22.536 million common shares and 11.268 million common share purchase warrants. The warrants will be priced based on Tahera’s trading price at the time of conversion and will be exercisable for 5 years from the date of issue. The common shares and warrants issuable in this transaction have been included in the fully diluted share capital previously disclosed.
About Tahera Corporation
Tahera Corporation (www.tahera.com), a unique Canadian diamond Company, is focused on developing its wholly-owned Jericho Diamond Project as CANADA'S NEXT and NUNAVUT'S FIRST DIAMOND MINE. Tahera has several other prospective diamond projects in Canada's prolific Slave Craton. The common shares of the Company trade on the TSX under the symbol 'TAH'.
For further information:
Tahera Corporation
Grant Ewing – Executive Vice President
Tel: (416) 777-1998 Fax: (416) 777-1898 Toll free: (877) 777-2004
Email: investor_relations@tahera.com
|
|
|