GMX Resources to issue stock in exchange for $5 million convertibles

By Ashley Montgomery

Kansas City, Kan., March 13 - GMX Resources, Inc. reached an exchange agreement on its 5% convertible senior notes due 2013, according to an 8-K filing with the Securities and Exchange Commission.

The company entered into an agreement on Monday with seven holders who will surrender $5 million of the convertibles. In exchange, the company will issue to the holders 2,285,715 shares of its common stock.

The noteholders will also receive cash payments for accrued interest.

Oklahoma City-based GMX is a small-cap natural gas exploration and production company.

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