Gunnison Copper eliminates debt overhang with cash settlement of convertible debentures
Gunnison Copper Corp (TSX:GCU/OTCQB:GCUMF/FRA:3XS0) settled its outstanding convertible debentures in cash instead of converting to shares, avoiding issuance of about 28.9M common shares to Greenstone Excelsior Holdings LP and Greenstone Resources LP. The debentures’ effective conversion price was ~US$0.135, and the company says dilution is reduced by ~US$4.66M vs the recent financing price.