Is this good news? It looks like good news to me, but unsure:
The net proceeds of the Offering will be used to redeem its outstanding $90 million convertible debentures due September 30, 2014, make market purchases for cancellation of convertible debentures from other series as allowed under its debt covenants, and to pay down the Company's credit line. As all net proceeds will be used to repay existing debt, this issuance will not result in an increase in long term debt levels of the Company. To the extent that proceeds are used on market purchases for cancellation of existing convertible debentures at less than face value, the net result may be a reduction of overall debt.
Closing of the Offering is expected on or about January 29, 2014. The closing of the Offering is subject to receipt of all necessary regulatory approvals, including the approval of the Toronto Stock Exchange.
These securities have not been and will not be registered under the securities act of 1933, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements
