Apex Silver to exchange $30 million of convertibles for 1.5 million shares

New York, Sept. 28 - Apex Silver Mines Ltd. said it has agreed to issue 1.5 million ordinary shares in exchange for $30 million of its convertible notes.

The privately negotiated transaction agreed on Sept. 27 covers $20 million of Apex's 2.875% senior subordinated convertible notes due 2024 and $10 million of its 4% senior subordinated convertible notes due 2024, according to an 8-K filing with the Securities and Exchange Commission.

The Denver silver mining company will also pay accrued interest on the convertibles of $40,000.

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