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HORIZON GOLD COMPLETES RESTRUCTURING OF SUBORDINATED CONVERTIBLE DEBENTURES

 HORIZON GOLD COMPLETES RESTRUCTURING OF
 SUBORDINATED CONVERTIBLE DEBENTURES
 GOLDEN, Colo., March 5 /PRNewswire/ -- Horizon Gold Corp. (NASDAQ-NMS: HRIZ), today announced that in a meeting held on Feb. 28, 1992, it has restructured its 4-3/4 percent subordinated convertible debentures. The debentures, denominated in Swiss Francs, were issued in September 1987 through lead manager Banque Indosuez of Geneva, who also led the restructuring. The company's debentures, with an outstanding principal balance of $8,311,196, would have matured on Sept. 15, 1992. The new terms included an extension of the maturity date to September 1996. Additionally, the debentures will accrue no interest from September 1991 until September 1993, at which time the interest rate will increase to 7-1/2 percent for the remainder of the term. Adjustments were made to the conversion rates of the debentures from the previous $3.025 per share to a range from $1 to $1.75. Certain financial covenants were also amended or eliminated.
 Horizon also announced that it has completed its private placement totalling $3 million of debt and equity related to the acquisition of Amax Potash Corp. The funds were used for purchase price requirements and working capital.
 Horizon Gold, a diversified mining company, is involved in the exploration, development, and production of precious metals, base metals, and industrial minerals, primarily in the United States. The company's stock is listed on the NASDAQ National Market System under the symbol "HRIZ."
 -0- 3/5/92
 /CONTACT: Dick Ryan of Horizon Gold, 303-239-8701/
 (HRIZ) CO: Horizon Gold Corp. ST: Colorado IN: MNG SU:


BB -- DV003 -- 5259 03/05/92 08:31 EST
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Publication:PR Newswire
Date:Mar 5, 1992
Words:266
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