A partnership controlled by Brian Hinchcliffe, the president of Jordex Resources (VSE), and the Ampac Group increased its position in Jordex to more than 2 million shares, or about 21% of the company.
The shares were acquired through the conversion of a $1.75 million debenture issued to the partnership in December, 1990.
The debenture was converted into 1,228,070 shares of Jordex and included an equal number of share purchase warrants exercisable on a scaled formula. Up to Dec. 13, 1992, the warrants are exercisable at $1.35, increasing to $1.55 to Dec. 13, 1993, and $1.79 to Mar. 22, 1994.
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