GMX holders exchange $2.68 million of 5% convertibles for stock, cash

By Marisa Wong

Madison, Wis., May 17 - GMX Resources Inc. entered into an exchange agreement on May 16 with seven holders of its 5% convertible senior notes due 2013, according to an 8-K filing with the Securities and Exchange Commission.

The holders will exchange $2,675,000 principal amount of the convertible notes for 2,370,421 shares of GMX common stock, along with a cash consideration relating to accrued interest.

GMX is an Oklahoma City-based natural gas exploration and production company.

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