Nuvo Research holders convert all 5% convertibles ahead of redemption

By Susanna Moon

Chicago, March 16 - Nuvo Research Inc. said holders had converted all of the C$3.486 million outstanding 5% convertible debentures due Nov. 16, 2010 as of March 12, the redemption date.

Holders elected to convert their outstanding principal amount into 25.3 million common shares at C$0.138 per share.

The company's stock (Toronto: NRI) closed at C$0.26 on March 12.

"As anticipated all of these deep-in-the-money debentures were converted into common shares," Jim Moulds, executive vice president and chief financial officer of Nuvo Research, said in a press release.

"Their early conversion removes substantially all debt from Nuvo's balance sheet and eliminates the obligation to make future interest payments."

The company called the notes on Feb. 4 at 102 plus interest accrued up to the redemption date, for a total of C$1,035.75 for each C$1,000 of principal amount of the debentures.

Based in Mississauga, Ont., Nuvo is a topical and transdermal drug researcher and developer.

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