This excerpt taken from the VLKAY 8-K filed Dec 14, 2009.
Conversion of Debt
TPI and 0793296 B.C. Ltd. (the Assignor) entered into an assumption agreement dated September 28, 2009, pursuant to which TPI assumed the indebtedness of the Assignor from the Company. On November 10, 2009 the Assignor assigned $1,600,000 of the indebtedness (the Assigned Indebtedness) to 15 investors (the Assignees). Effective November 10, 2009 the Assignees and the Assignor converted the entire $1,600,000 of debt into 19,250,000 restricted shares pursuant to certain debt conversion subscription agreements. The After the conversion of debt $350,000 remains outstanding under the convertible debenture agreement.