Global Matrechs alters conversion price on $1.52 million in convertible notes

By Sheri Kasprzak

New York, May 31 - Global Matrechs, Inc. has amended the conversion price on $1.52 million in convertible notes it issued between October 2004 and October 2005.

The notes will now be convertible into common shares at 80% of the average of the seven lowest closing market prices for the 10 trading days before conversion.

The price had originally been fixed at $0.03.

Connected to the amended conversion price, the maturity of the notes was extended to Dec. 31, 2008 from the original two-year term.

The notes, held by McNab, LLC and Southridge Partners, LP, may be prepaid at a 20% premium to the then-outstanding principal amount.

Based in Ridgefield, Conn., Global Matrechs converts technologies it acquires to nuclear energy, environmental and chemical industries.

The stock fell $0.017 on the day to close at $0.098 Wednesday (OTCBB: GBMR).

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