Business
Conversion of Vitality's 32,927 Class "A" Preference Shares, Series 5
Conversion of Vitality's 32,927 Class "A" Preference Shares, Series 5.
About this update from Vitality Products Inc.
[{"type":"text","content":"\n\n\n\nTrading Symbol: VPI\n\n\nVANCOUVER, Oct. 18 /CNW/ - Vitality Products Inc. (the "Company") has\nissued a total of 1,202,885 common shares in the capital of the Company\npursuant to the conversion of 32,927 Class "A" Preference Shares, Series 5 at\na deemed value of $10.00 per share in the capital of the Company, plus all\nunpaid dividends accrued thereon to the date of conversion, at the conversion\nprice of $0.3388 per common share. The Class "A" Preference Shares, Series 5\n(the "Preference Shares"), with a par value of $10 each have a 6% cumulative\ndividend payable annually that commenced October 31, 2004. The Preference\nShares and the cumulative dividends are convertible into common shares of the\nCompany on or before October 31, 2008. The conversion price for the first two\nyears was $0.28 per common share and the conversion price in each subsequent\nyear is 10% higher than the conversion price in the preceding year.\n\n\nConsolidated Firstfund Capital Corp. ("Firstfund") has received\n570,299 common shares pursuant to the conversion of its 15,611 Preference\nShares, plus all unpaid dividends accrued thereon to the date of conversion.\nCostar Marketing Corp., a wholly owned subsidiary of Firstfund, has received\n70,872 common shares pursuant to the conversion of its 1,940 Preference\nShares, plus all unpaid dividends accrued thereon to the date of conversion.\nWilliam N. Grant, a director and officer of the Company, owns 72.2% of\nFirstfund.\n\n\nUpon the completion of the conversion, the Company has 19,887,285 common\nshares outstanding and no Class "A" Preference shares, Series 5 outstanding.\n\n\nOn behalf of the Board of\n\n\nVITALITY PRODUCTS INC.\n\n\n"W. Douglas Grant" (signed)\n\n\n--------------------------------------\n\n\nW. Douglas Grant, Vice President & CFO\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\n\n\nresponsibility for the adequacy or accuracy of this release.\n\n\n%SEDAR: 00005856E\n\n\n","length":2120,"tagName":"div"}]