|
Great Panther Silver Extinguishes Long Term Debt
GREAT PANTHER SILVER LIMITED (TSX: GPR; NYSE Amex: GPL; the
"Company") is pleased to announce that it has paid off $4,050,000
in two outstanding $2,025,000 Principal Amount 8% Unsecured Convertible Loan
Notes due July 14, 2011 (the "Notes") by the issuance of 1,800,000
fully paid common shares of the Company at the originally agreed upon
conversion price of $2.25 per common share. Accrued interest will be paid in
cash. The Notes were issued on July 13, 2007 to City Natural Resources High
Yield Trust PLC and New City High Yield Fund Limited, British Isles-based
Funds.
"These note conversions eliminate the Company's long-term debt and the
corresponding interest, and in doing so, frees up our cash to ensure the
successful continuation of our 3-year exploration and development program at
the Guanajuato and Topia Mines." said GPR's
President & CEO, Robert Archer.
For further information please visit the Company's website at www.greatpanther.com, contact B&D Capital at telephone 604 685 6465, fax 604 899 4303
or e-mail info@greatpanther.com.
ON BEHALF OF THE BOARD
"Kaare
G. Foy"
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 parametres
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, 2009 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.
|
|