Perseverance gets noteholder OK to shorten maturity of 6.75% convertibles

By Angela McDaniels

Tacoma, Wash., Dec. 20 - Perseverance Corp. Ltd. said holders of its A$37 million 6.75% convertible subordinated notes due 2012 passed an extraordinary resolution that changed the notes' maturity date to the earlier of Dec. 20, 2012 and the 10th business day after the company's acquisition by Northgate Minerals Corp. receives court approval.

Noteholders voted on the resolution at a meeting in London at 5 a.m. ET on Dec. 17. The company also asked noteholders to waive any event of default that may arise in connection with the acquisition.

The resolution needed at least three-quarters of the vote in order to pass.

Perseverance expects the acquisition will be approved on Feb. 4, according to a company news release.

The notes will cease to be convertible on that date. Until then, they are convertible into ordinary shares at A$0.365 each. The company's stock closed at A$0.19 (Australia: PSV) on Wednesday.

Perseverance is based in Bendigo, Australia, and operates the Fosterville and Stawell gold mining projects.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.