In order to alleviate almost $56,000 in accumulated interest JayHawk has issued 1.6 million shares of its common stock to retire a 12% convertible debenture that would have been due on July 30, 2010.
Lindsay Gorrill, CEO of JayHawk Energy, stated, “The conversion of this debenture strengthens our balance sheet and provides us flexibility to utilize this capital on the development of our Williston Basin properties. Furthermore, this conversion relieves JayHawk from paying any of the principal amount of the debenture and/or any interest accrued thereon. This reduces our debt on our balance sheet by approximately fifty-percent.”
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About JayHawk Energy, Inc.
JayHawk Energy, Inc. is a managed risk, oil and gas exploration/exploitation, development and production company with activities focused on two major projects in the Cherokee Basin, Kansas and the Williston Basin, North Dakota.
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