Business
Unitronix Exchanges Common Shares for Debt ... Explores New Ventures Through Wholly Owned Subsidiary
Unitronix Exchanges Common Shares for Debt ... Explores New Ventures Through Wholly Owned Subsidiary.
About this update from Unitronix Corp.
[{"type":"text","content":"UNITRONIX EXCHANGES COMMON SHARES FOR DEBT ... \r\nEXPLORES NEW VENTURES THROUGH WHOLLY OWNED SUBSIDIARY\r\n\r\n \r\nUnitronix Corporation has successfully reduced its financial obligations through the issuance of common shares.\r\n\r\n1) All 956,728 Unitronix Series \"A\" Convertible Preferred Shares, $1 par value, issued July 1,1988 and the undeclared accumulated dividends to June 30, 2002 remaining outstanding on the mandatory redemption date of June 30, 2006. The total amount due on that date was $1,186,344. The payment of this amount enabled the retirement of the Preferred Shares and the related accumulated dividends by the issuance of 7,118,344 common shares at 16.7 cents per share.\r\n\r\n2) Accounts payable in the amount of $126,185 has been satisfied by the issuance of 757,110 common shares at 16.7 cents per share.\r\n\r\n3) Outstanding warrants issued to Jack Shaw to purchase common shares at an average price of 17.4 cents per share for a total of $578,982 were exercised. Also, outstanding warrants issued to Howard Morgan to purchase common shares at 25 cents per common share for a total of $35,021 was exercised. The exercise of these warrants resulted in reducing the principal amount of Convertible Debentures outstanding by $614,003.\r\n\r\nWith the issue of 11,348,176,(all not registered under the Securities Act of 1933 and issued for investment purposes only)common shares as detailed above, the common shares issued and outstanding are 21,340,094. The issue of these Common Shares results in a decrease of liabilities in the amount of $1,926,532.\r\n\r\nThe principals of the company continued to fund and guarantee payment for all required work through December 31, 2006, including a recent additional Airborne Electro-magnetic Survey, professional geological and engineering services and funded certain payments due on optioned property.\r\n\r\nThe previous funding by the principals of the company on an unsecured, non interest bearing loan is no longer available.\r\n\r\nThe company has arranged for the replacement of the 80% undivided interest and the 80% entitlement to profits by investors generated from certain mining claims with a 1% Net Smelter Return (NSR) on these specific claims for as long as they remain in good standing with the Ontario Department of Mines.\r\n\r\nTwo preliminary drilling programs, one for the bas...