Paramount finalizes loan-to-share conversion
Friday, February 28 2014 - 07:21 AM WIB
ASX-listed Paramount Mining Corporation Ltd announced on Friday that key credit facilities have been substantially converted into shares in the company on Thursday, Feb . 27.
The conversions ?not only strengthen Paramount?s balance sheet, they also demonstrate ongoing confidence in the exciting Gunung Rosa project,? Terry Holohan, Paramount?s CEO and Managing Director said.
Details of loan conversions
| Lender | Cape Gannet Ltd | Resource Global Finance Ltd |
| Conversion date | February 27, 2014 | February 27, 2014 |
| Loan balance | US$850,000 | US$334,912 |
| Conversion amount | US$697,320 | US$334,912 |
| A$/US$ exchange rate | 0.8940 | 0.8940 |
| Price per share | $0.04 | $0.04 |
| Number of shares | 19,500,000 | 9,365,548 |
| Balance outstanding | US$152,680 | - |
Paramount is focusing on precious and base metal deposits in Asia, and in particular Indonesia. The Gunung Rosa project is a high-grade gold, silver and base metals sulphide mine 125km south of Jakarta in West Java. The project is the flagship project for Paramount and the Company presently holds a controlling 72.25% equity interest.
Editing by Johannes Simbolon