TORONTO, June 6 /CNW Telbec/ - David Banks announced today that he has
converted outstanding convertible debt he held into 4,166,813 common shares of
Dynex Power Inc. ("Dynex") (TSXV: DNX) at the rate of C$0.1585 per common
share. The conversion rate for such debt was previously approved by the
shareholders of Dynex at a shareholder meeting held on January 30, 2008. The
convertible debt was placed in 2005. Such shares represent approximately 10.5%
of the total issued and outstanding common shares of Dynex as of the date
As a result of this transaction, Mr. Banks holds, as of the date hereof,
a total of 9,842,218 common shares of Dynex representing approximately 24.9%
of all issued and outstanding common shares of Dynex.
Mr. Banks is a Director and the Chairman of Dynex.
For further information:
For further information: David Banks, Dynex Power Inc., +44 1522 500