Paramount finalizing debts into shares conversion
Monday, March 4 2013 - 03:41 AM WIB
ASX-listed Paramount Mining Corporation Ltd said that key credit facilities have been substantially converted into shares in the Company.
The shares were issued pursuant to a resolution of shareholders at the Company?s Annual General Meeting held on 30 November 2012.
The company said that the details of associated loan extension terms were currently being finalized.
Mo Munshi, Paramount?s Chairman, said ?It is very satisfying to be able to announce this $3.45 million debt conversion. The conversion not only strengthens Paramount?s balance sheet, it also demonstrates a very high degree of confidence in the exciting Gunung Rosa project.?
Paramount?s CEO and Managing Director, Terry Holohan, added: ?Cape Gannet have advised us that they would have taken this opportunity to convert more of the loan balance, but they are constrained by the 20% shareholder threshold. This is a particularly exciting time for Paramount as we consolidate our shareholder base and move from being an explorer to a mine developer.?
Editing by Adianto P. Simamora