Toronto-based Northgate Exploration (TSE) recently announced a plan to amend the terms of a $13.7-million 7% convertible subordinated debenture issue to allow for retraction on Aug. 28.
Subject to regulatory approval, the retraction price will be $52 cash plus 8.75 common shares of Northgate per $100 principal amount of debenture, together with accrued and unpaid interest to Aug. 27.
Under terms established earlier, the debentures are not retractable until April 29, 1994, and are not scheduled to mature until April 30, 1997. If all outstanding debentures are retracted, 1.2 million shares of Northgate will be issued.
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