Austindo renegotiates convertible debts
Monday, February 24 2003 - 02:52 AM WIB
ASX-listed junior mining company Austindo Resources Corporation NL (ARX) announced Monday that subject to stakeholders? approval, it had reached agreement with PT Austindo Nusantara Jaya regarding the 8,181,818 convertible notes held by ANJ and which are due for redemption in cash for A$900,000 on 28 February 2003.
ARX said it would delay the redemption of the convertibles until June 30, 2003, and at ARX?s next annual general meeting May 27, 2003, shareholders? approval would be sought to grant ANJ new A$ 900,000 convertible notes with similar terms and condition with the previous convertibles.
ANJ, which is controlled by the Tahija family, is ARX major shareholders. ARX has gold project at pre-feasibility study stage in Cibaliung, Banten province. (alex)