China Precious Metal cuts conversion price on 7.25% convertible bonds

By Marisa Wong

Morgantown, W.Va., Aug. 10 – China Precious Metal Resources Holdings Co., Ltd. lowered the conversion price of its 7.25% convertible bonds due 2018 to HK$0.26 per share, effective from Aug. 4, according to a company announcement.

The adjustment is due to the average market price of the company’s shares for the 20 consecutive trading days prior to Aug. 4, HK$0.2539, being less than the prevailing conversion price of HK$0.4283.

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

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