CanArgo investor agrees not to convert 12% convertibles until August

By Devika Patel

Knoxville, Tenn., June 1 - CanArgo Energy Corp. investor Persistency has agreed not to convert its 12% subordinated convertible guaranteed notes due 2010 without the company's consent until Aug. 31, unless there is a change-of-control event or the notes are accelerated.

The company reached the agreement with Persistency on May 27, according to an 8-K filed Monday with the Securities and Exchange Commission.

CanArgo is an oil and gas exploration and production company based in Guernsey, Channel Islands. It negotiated a similar agreement with the investor in April.

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