I wonder why this date has changed and why Sept 10 is so significant?
Today:
CRRC previously advanced Crystallex $2.5 million during the negotiation of the Binding Agreement. The $2.5 million advance bears interest at 6%, is due September 10, 2010 and ranks subordinate to the Notes.Subject to requisite regulatory and shareholder approvals, this $2.5 million advance is convertible into common shares of the Company at a price of Cdn$0.40 per share.
This was the original timeframes for this payback and conversion reported in May for the 1st qtr:
In March, 2010 the Company received a $2,500 convertible loan from a potential strategic investor. This convertible loan bears interest at 6% and is repayable on June 30, 2010 with an extension up to November 30, 2010 as determined by the lender. Subject to regulatory approval, the lender has the right exercisable for a period from May 31, 2010 to November 30, 2010 to cause the conversion of any amount of the unpaid balance of this loan into common shares of Crystallex at a price per common share equal to the greater of Cdn$0.20 and 95% of the 5 day volume-weighted-average trading price on the Toronto Stock Exchange of the common shares ending on the date of conversion.
