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Diagnos seeks to restructure its debt, implement 1-for-10 reverse stock split

Diagnos Inc. plans to reorganize its debt and capital structure and has proposed an amendment to its 10% secured convertible debentures along with a 1-for-10 reverse stock split.

Under the proposed amendment, Diagnos will offer holders of its 10% secured convertible debentures about C$4.9 million in common shares at 3.5 Canadian cents apiece.

The company will seek approval for the amendment from the holders of the debentures in a meeting scheduled for April 4. After gaining their approval, the company plans to seek further conversion of debentures worth C$1 million into common shares at the same price.

The Brossard, Quebec-based ophthalmological diagnostics company will conduct a special meeting with its shareholders April 10 to seek their approval for the share consolidation.

The amendment, repayment and conversion of debentures are subject to approval from TSX Venture Exchange and can only be completed after the company gets shareholder approval for the reverse stock split to meet the exchange's requirement of 5 cents minimum share issuance price.