Fytokem Debt Turns into Stock

Fytokem Debt Turns into Stock

SASKATOON, Canada--Fytokem Products Inc., aproducer of Function-Certified plant-based ingredients, was given the goahead to convert approximately $90,000 of debentures into equity. Approval wasgiven by the Agri-Food Equity Fund (AFEF).

Under terms of the agreement, AFEF will convert the debt into901,000 common shares at a conversion price of $.10 per share. Subject toapproval by the TSA Venture Exchange, the transaction will bring the company'stotal number of outstanding common shares to 15.4 million.

"We have found that it is not in our shareholders' bestinterests to carry more debt and, consequently, we were delighted that AFEF waswilling to convert their debt instruments into an equity investment," saidArt Hesje, Fytochem president and chief executive officer.