Ikona Gear to redeem 10% convertibles due 2007

By Jennifer Chiou

New York, Oct. 20 - Ikona Gear International, Inc. will redeem its 10% convertible promissory notes due March 12, 2007, 8-K filing with the Securities and Exchange Commission.

The Coquitlam, B.C., developer of gearing and power transmission applications said it will pay 26 holders $1,272,150.68 for the notes, including accrued interest.

The redemption date is Nov. 2.

Noteholders have 10 days to opt to convert the notes at a rate equal to a number of common shares accounting for the unpaid principal of notes plus accrued interest divided by $0.50 per share.

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