By Sheri Kasprzak
Atlanta, Feb. 4 - Frontier Pacific Mining Corp. said it has closed the private placement of a C$1.2 million convertible loan.
The loan, sold to an insider of the company, bears interest at 6% annually and is convertible into common shares at C$0.46 each. The loan is due Dec. 15.
Any interest accrued on the loan may be converted into common shares at market price at the time of conversion.
Frontier is a Vancouver, B.C.-based gold production company.
| Issuer: | Frontier Pacific Mining Corp.
|
| Issue: | Convertible loan
|
| Amount: | C$1.2 million
|
| Maturity: | Dec. 15, 2005
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | C$0.46
|
| Call: | Unpaid interest may convert at market price
|
| Warrants: | No
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| Pricing date: | Dec. 15
|
| Settlement date: | Feb. 4
|
| Stock price: | C$0.46 at close Dec. 15
|
| Stock price: | C$0.38 at close Feb. 3
|
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