GMX holders exchange $4.26 million of 5% convertibles due 2013

By Marisa Wong

Madison, Wis., March 8 - GMX Resources Inc. will issue shares of its common stock in exchange for $4,258,000 of its 5% convertible senior notes due 2013, according to an 8-K filing with the Securities and Exchange Commission.

GMX entered into an exchange agreement with four holders of the 5% convertibles on Wednesday. The company will issue to those holders 1,655,890 common shares along with accrued interest payable in cash.

GMX is an Oklahoma City-based oil and natural gas company.

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