China Precious Metal cuts conversion price on 7.25% convertible bonds

By Marisa Wong

Morgantown, W.Va., Oct. 29 – China Precious Metal Resources Holdings Co., Ltd. said it lowered the conversion price of its 7.25% convertible bonds due 2018 to HK$1.7567 per share from HK$1.8125 per share.

The adjustment is due to the issuance of 917.2 million new shares at the price of HK$0.25 per share, which is less than 95% of the current market price.

The new conversion price is effective from Oct. 28.

As of Wednesday there is HK$1,026,000,000 of the bonds outstanding.

The Hong Kong-based precious metals mining company priced HK$1,028,000,000 of the bonds in January 2013.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.