Cryptologic to convert its 8% extendible convertibles on June 30

By Rebecca Melvin

New York, June 19 – Cryptologic Inc. said it is providing notice to holders of its 8% extendible convertible unsecured debentures that those debentures will be converted into common shares on June 30.

The conversion price is C$1 plus accrued interest to the date of conversion. Interest will be paid in shares equal to the amount of interest divided by the conversion price.

The company has 12,719,162 common shares issued and an aggregate of 35,880,000 common shares will be issued as a result of the conversion and payment of accrued interest in stock.

No fractional shares will be issued and any fractions of a shares will be rounded down to the nearest whole number of shares.

The company is required under the debentures’ amended indenture to give holders 10 days’ notice of the conversion, according to a company news release.

The cryptocurrency mining and software development company is based in Toronto.

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