Iron Tank Resources Corp.

September 10, 2014 09:28 ET

Iron Tank Resources Corp. Announces Conversion of Debentures at Maturity

CALGARY, ALBERTA--(Marketwired - Sept. 10, 2014) - Iron Tank Resources Corp. (TSX VENTURE:TNK) ("Iron Tank", or the "Company") is pleased to announce that the holders of its outstanding debentures, which were issued on September 9, 2013 and which matured on September 9, 2014, have elected to convert the outstanding principal amount of such debentures into common shares in accordance with the terms thereof.

A portion of the outstanding principal amount of the debentures constituted an original issue discount at the time of issuance and, pursuant to the terms of the debentures, and also subject to the approval of the TSX Venture Exchange, such portion may be converted at a price equal to the Discounted Market Price (as defined by TSX Venture Exchange policies) at the time of conversion. Accordingly, the Company has applied to the TSX Venture Exchange for such approval and, if approved thereby, anticipates issuing 400,000 common shares to holders of debentures pursuant thereto (assuming a Discounted Market Price of $0.105, being a 25% discount to the Market Price).

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.

Contact Information

  • Iron Tank Resources Corp.
    Mr. Dave Antony
    (403) 531-1710