CALGARY, AB – Gear Energy Ltd. (TSX: GXE) is pleased to announce that it has received notice that the holder of $9.3 million of its outstanding 7.0% Convertible Unsecured Subordinated Debentures (the “Debentures”) has elected to convert the Debentures at the conversion price of $0.32 per common share resulting in the issuance of 29.2 million common shares effective immediately. $3.4 million in Debentures remains outstanding.
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