American Resource continues debt reduction and finalizes Northgate obligation.GREENBRAE, Calif.--(BUSINESS WIRE)--July 10, 1995--American Resource Corporation Inc. (ARC)(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AREE) announced today that it has continued to reduce its debt by redeeming re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. , including accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. , in the amount of approximately $9.6 million in addition to finalizing its Northgate Explorations Limited obligation. The funds used in these transactions were obtained from the private sale of approximately 4.45 million shares of Northern Orion Explorations Ltd. American Resource Corporation is a gold and copper exploration, development and mining company with a mine and properties in Uruguay and 78% interest in American Pacific Minerals, which currently operates a gold mine in Nevada, USA. The company also holds a large equity position in Northern Orion Explorations Ltd., which has interests in more than 35 Argentine Argentine having some relationship with the country Argentina. Argentine tick margaropuswinthemi. Argentine tortoise geochelonechilensis. mining properties. CONTACT: American Resource Corporation Inc. Stephen N. Anderson, 415/461-6868 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion