Gear Energy will convert another C$9.3 million of 7% convertibles

Chicago, March 23 – Gear Energy Ltd. announced that a holder of C$9.3 million of its outstanding 7% convertible subordinated debentures has decided to convert the debentures at the conversion price of C$0.32 per share, according to a press release.

The conversion will result in the issuance of 29.2 million common shares effective immediately.

After the conversion, C$3.4 million of the debentures will remain outstanding.

Calgary, Alta.-based Gear Energy is a heavy oil focused publicly traded exploration and production company.

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