Polymetal says to get 3.5% in Chaarat after $10 mln bond conversion - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Polymetal says to get 3.5% in Chaarat after $10 mln bond conversion

MOSCOW, Jul 30 (PRIME) -- Polymetal Int, uniting the assets of Russian precious metals producer Polymetal International, will receive a 3.5% stake in company Chaarat after converting U.S. $10 million of bonds received as payment for the Kapan gold mine in Armenia, the company said in a statement on Tuesday.

УExchange of convertibles into Chaarat stock, working capital settlement, and release of warranties and indemnities ensure PolymetalТs direct exposure to ChaaratТs performance while limiting legacy jurisdictional risks,Ф Vitaly Nesis, Group CEO of Polymetal, said, as cited in the statement.

Polymetal sold the Kapan mine to Chaarat Gold in January for $55 million, $10 million of which was paid in ChaaratТs convertible bonds maturing in 2021.

End

30.07.2019 10:16
 
 
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