Great Panther Converts $2.02 Million Loan Note
September 03 2009 - 3:53PM
Marketwired
Great Panther Resources Limited (TSX: GPR) (the "Company") has
reached an agreement to pay off an outstanding $2,020,000 Principal
Amount 8% Unsecured Convertible Loan Note due March 9, 2010 (the
"Loan Note") by the issuance of 3,740,741 fully paid common shares
of the Company at $0.54 per common share, which represents a
discount of approximately 5% to the volume-weighted average trading
price of the Company's shares over the last five trading days.
Accrued interest will be paid in cash. The Loan Note was issued on
March 8, 2006 to City Natural Resource High Yield Trust PLC, a
British Isles-based Fund.
The transaction is subject to TSX approval and the common shares
will be subject to a four month hold period.
"We are very pleased by this vote of confidence by the Note
holders, in converting their debt to equity. Not only does this
reduce the Company's debt by more than $2 million and eliminate the
corresponding interest, but in doing so, it allows us the comfort
to move forward with our plans to increase the pace of development
at the Guanajuato and Topia Mines," said GPR's President & CEO,
Robert Archer.
ON BEHALF OF THE BOARD
Kaare G. Foy, Executive Chairman
This news release contains forward-looking statements within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 and forward-looking information within the meaning of
the Securities Act (Ontario) (together, "forward-looking
statements"). Such forward-looking statements may include but are
not limited to the Company's plans for production at its Guanajuato
and Topia Mines in Mexico, exploring its other properties in
Mexico, the overall economic potential of its properties, the
availability of adequate financing and involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements expressed or implied by such
forward-looking statements to be materially different. Such factors
include, among others, risks and uncertainties relating to
potential political risks involving the Company's operations in a
foreign jurisdiction, uncertainty of production and cost estimates
and the potential for unexpected costs and expenses, physical risks
inherent in mining operations, currency fluctuations, fluctuations
in the price of silver, gold and base metals, completion of
economic evaluations, changes in project parameters as plans
continue to be refined, the inability or failure to obtain adequate
financing on a timely basis, and other risks and uncertainties,
including those described in the Company's Annual Report on Form
20-F for the year ended December 31, 2008 and reports on Form 6-K
filed with the Securities and Exchange Commission and available at
www.sec.gov and Material Change Reports filed with the Canadian
Securities Administrators and available at www.sedar.com.
SEC 20-F Statement Filed; Standard & Poor's Listed
Contacts: B&D Capital 604 685-6465 604 899-4303 (FAX)
info@greatpanther.com www.greatpanther.com
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