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Lilis investors will convert $9 million of $15.6 million convertibles
Remaining debentures will convert after obtaining shareholder approval
By Devika Patel
Knoxville, Tenn., Feb. 3 - Lilis Energy Inc. said it has reached agreement with the holders of its $15.6 million of convertible debentures to convert the debentures to common shares.
The agreement calls for an immediate conversion of $9 million of the debentures at $2.00 per share. The balance of $6.6 million may be converted after the company has obtained shareholder approval for the conversion.
Debenture holders will also receive 100% warrant coverage. The warrants are exercisable at $2.50 per share for three years.
The oil and gas company is based in Denver.
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