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UNITRONIX CORPORATION ANNOUNCES AGREEMENT WITH LENDERS OF AMENDMENTS TO CONVERTIBLE DEBENTURE OBLIGATIONS THAT WERE DUE JUNE 20, 2008
UNITRONIX CORPORATION ANNOUNCES AGREEMENT WITH LENDERS OF AMENDMENTS TO CONVERTIBLE DEBENTURE OBLIGATIONS THAT WERE DUE JUNE 20, 2008.
About this update from Unitronix Corp.
[{"type":"text","content":"Scheduled Fall Mining Exploration Program Funded and Underway Unitronix Corporation (UTRX.PK) is pleased to announce that two of the outstanding matters referenced in Notes to the Financial Statements for the year ended June 30, 2008 have been resolved: 1) Agreement has been reached to extend the 10% Convertible Debentures of $881,248 which were due on June 30, 2008 for a period of two years to June 30, 2010. The agreement is amended to allow for the conversion of all or part of the debentures into common stock at the rate of twenty cents ($0.20) per share at any time up to the date of maturity.2) Financing was arranged and the ten (10) day field program as referenced to commence in October 2008 has been completed. Numerous samples were taken and delivered for assay. Results are pending. Other extensive information was gathered for study and analysis with the view to finalize targets and complete a report for a drilling campaign in 2009.3) Completion of the final report will require hiring additional professional personnel that will require additional funding. The cost and source of the additional funding or the hiring of personnel has not as yet been determined.4) A joint venture agreement will be completed with investors after the required funding for the report is finalized.5) At this time, the company has no way of determining whether the final report, which will be confined to recommendations on the Gold claims, will be sufficient to attract the funding required for a 2009 drilling program. Safe Harbor Statement: This release includes \"forward looking statements.\" These statements are based on current expectations, and involve a number of factors that could cause the actual results to differ materially from those stated or implied. Unitronix expressly does not undertake to update such statements.","length":6716,"tagName":"div"}]