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Crown Resources to redeem $1.655 million convertibles
New York, Nov. 21 - Crown Resources Corp. said it will redeem $1.655 million of its 10% convertible secured notes due October 2006 jointly issued with Crown Resource Corp. of Colorado.
The Denver gold exploration company will redeem the notes on Dec. 31 at a price of $1,690,254, made up of $1,655,333 in principal and $34,921 of accrued interest.
Holders may convert the notes up to the close of business at Dec. 30 at a price of $0.35 per share. Crown Resources stock closed at $2.50 on Friday.
Crown Resources originally issued $2 million of the notes in June 2002 as part of a restructuring of its $15 million 5¾% convertible subordinated debentures under a Chapter 11 bankruptcy case.
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