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Warnex to Restructure Debt

NEW YORK (GenomeWeb News) – Warnex said yesterday that it has signed preliminary agreements to restructure all of its outstanding debentures totaling CDN$11,345,000 (US$11,028,000).
The Laval, Quebec-based firm said that as part of the restructuring, it would eliminate the fixed conversion rate of 1.369 contained in the US dollar denominated debentures, which will reduce its principal debt on those from approximately $6.9 million to $5 million. It also plans to convert an aggregate of $1.8 million in principal into common shares of Warnex, which trades on the Toronto Stock Exchange.
"With the combined elements of these agreements, we will reduce the amount owed under the debentures by $5 million, representing a significant improvement to our balance sheet,” Mark Busgang, president and CEO of Warnex, said in a statement.

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