JayHawk Energy Retires 12% Convertible Debenture
JayHawk Energy has issued 1.6 million shares of its common stock to retire a 12% convertible debenture that would have been due on July 30, 2010. Additionally, this conversion alleviates approximately $56,000 in accrued interest.
Lindsay Gorrill, CEO of JayHawk Energy, stated, "The conversion of this debenture strengthens our balance sheet and provides us flexibility to utilize this capital on the development of our Williston Basin properties. Furthermore, this conversion relieves JayHawk from paying any of the principal amount of the debenture and/or any interest accrued thereon. This reduces our debt on our balance sheet by approximately fifty-percent."