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should I expect to see my shares converted to cash in my account ( based on selling price)?

Yes, and as Ted mentioned this will impact the book value of your Canadian holdings and may give you grief with FC limits as a result (as if you haven't had enough grief holding Corel)..

If so, when should I expect to see the conversion take place?

Should post to your brokerage account within the 3 day settlement window although sometimes there will some additional delay for paperwork handling at your broker.
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