Apex Silver Mines to exchange $20 million 4% convertibles for 1.1 million shares

By Jennifer Chiou

New York, Jan. 27 - Apex Silver Mines Ltd. said it will issue 1.1 million shares in exchange for $20 million of its 4% convertible senior subordinated notes due 2024, according to an 8-K filing with the Securities and Exchange Commission.

The company will retire the notes exchanged in the privately negotiated transaction.

Apex Silver Mines said it will pay accrued interest to the noteholder.

The company noted the exact number issued shares will depend on the weighted average price of Apex Silver Mines stock.

The George Town, Grand Cayman Islands, British West Indies, company explores and develops silver properties in South America and Mexico.

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