Toronto-listed Mark Resources says its 303,263 series A preferred shares have been converted into common shares on the basis of two- thirds of one common share for each Series A preferred share.
No fractional interests will be issued in connection with the conversion; a fractional interest will be settled by a cash payment based upon a value of $12.024 per common share.
According to the conditions attached to Mark’s Series A preferred shares, the shares were automatically converted into common shares on April 16 when the weighted average price at which the common shares were traded on the tse during the 30 immediately preceeding consecutive trading days, exceeded $12 per share.
Trading in the series A preferred shares on the tse has been halted.
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