First Quantum Minerals cuts conversion price on 6% convertible bonds

By Susanna Moon

Chicago, Aug. 27 - First Quantum Minerals Ltd. said it lowered the conversion price on its 6% convertible bonds due June 19, 2014.

The conversion price was adjusted to $55.82 beginning Wednesday, which was the first date on which the common shares traded ex-the C$0.197 cash dividend that shareholders will receive Sept. 20.

The conversion price was $56.39.

First Quantum said the adjustment was required because of the cash dividend.

The company said on Aug. 10, 2009 that it would pay a cash dividend of C$0.08 per common share on Sept. 21, 2009. On March 16, the company said it would pay a cash dividend of C$0.512 per common share May 6.

First Quantum is a Vancouver, B.C.-based mining and metals company.

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