Applied Inventions Management Inc. - Company Update.TORONTO, ONTARIO--(BUSINESS WIRE)--MAY 3, 1995--APPLIED INVENTIONS MNG MNG Multiple-image Network Graphics (PNG-like image format supporting multiple images, animation and transparency) MNG Mongolia (ISO Country code) MNG Multinodular Goiter MNG Meet 'n Greet (CANADIAN DEALER NETWORK:AIMC AIMC Associazione Italiana Maestri Cattolici (Italian Association of Catholic Teachers) AIMC Associate of the Inner Magic Circle AIMC Ancient Iron Motorcycle Club AIMC Army Information Management Committee .A, AIMC.B) Applied Inventions Management Inc. ("AIM") announces that $45,000.00 of its outstanding debenture debenture (dəbĕn`chər), document acknowledging indebtedness. In Great Britain a debenture is practically the same as a bond, and debenture stock is similar to preferred stock. has been converted into 25,002 Class "A" subordinate voting shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. and 74,988 Class "B" shares, thereby reducing the principal amount of the debenture to $135,000.00 principal amount. 149,994 Warrants issued in connection with the conversion were exercised and as a result 149,994 Class "A" subordinate voting shares were issued. In addition, the 74,988 Class "B" shares resulting from the conversion under the debenture were converted into Class "A" subordinate voting shares. Directors' options under AIM's original stock option plan have been exercised to purchase 10,000 Class "A" subordinate voting shares and 45,000 Class "B" voting shares. A new stock option plan has been adopted for directors, officers and key employees in compliance with the new regulations as set out by the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and was approved by the shareholders at the Annual Meeting held on April 11th, 1995. Consequently, as at May 2nd, 1995 the total issued and outstanding shares of the Company are 569,966 Class "A" subordinate voting shares and 974,948 class "B" voting shares. The outstanding $135,000.00 principle under the debenture is convertible, at the holder's option, into units at $0.45 of debt per unit. Each unit consists of 0.25 Class "A" subordinate shares and 0.75 Class "B" shares and 1.5 warrants. Each warrant entitles the holder to purchase one Class "A" subordinate voting share at $0.60 per share during the first six months from the conversion or at $0.65 per share during the remaining six months. CONTACT: Mr. Michael Stein Stein , William Howard 1911-1980. American biochemist. He shared a 1972 Nobel Prize for pioneering studies of ribonuclease. , President, 416/449-7946 |
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