Sikaman proposes debt restructuring (June 01, 1992)

A June 24 meeting is planned by Sikaman Gold Resources (TSE) with the owners of its $6.1 million, 10% convertible debentures to consider a company proposal to convert the debt into preference shares and warrants.

Proposed is that each $1 of principal amount of debt be converted into units comprised of three redeemable, convertible preference shares (with a face value of 33 cents per share) and one warrant convertible into common stock. The proposal is subject to regulatory, shareholder and debenture holder approval.