Dynamic Energy to issue shares for HK$80 million convertible notes

By Jennifer Chiou

New York, June 2 - Dynamic Energy Holdings Ltd. announced that a holder of its convertible notes requested the conversion of HK$80 million of notes.

As a result, the company will issue 800 million shares on June 7.

Dynamic said that HK$120 million of notes will remain outstanding.

At a special general meeting in May, holders opted to go ahead with a resolution to issue up to HK$1.2 billion of convertible notes. As already reported, the company entered into a conditional agreement on March 12 with Victory Investment China Group Ltd. as the subscriber.

The above convertibles made up the first tranche of the issue.

The coal mining holding company is based in Dengfeng, Henan Province, China.

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