Perseverance seeks noteholder OK to bump up maturity date of 6.75% convertibles

By Angela McDaniels

Tacoma, Wash., Nov. 26 - Perseverance Corp. Ltd. is asking holders of its A$37 million 6.75% convertible subordinated notes due 2012 to pass an extraordinary resolution that would change 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.

The company also is asking noteholders to waive any event of default that may arise in connection with the acquisition.

Noteholders will vote on the resolution at a meeting in London at 5 a.m. ET on Dec. 17, according to a company news release. Votes may be cast in person or by proxy.

At least three-quarters of votes cast must be in favor of the resolution in order for it to pass.

Perseverance is based in Fosterville, Australia, and operates the Fosterville gold mining project.

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