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NORD PACIFIC CONVERTS $2.5 MILLION OF DEBT TO EQUITY

 HAMILTON, Bermuda, Sept. 7 /PRNewswire/ -- Nord Pacific Limited (NASDAQ: NORPF) announced today that it has entered into an agreement with Nord Resources Corporation (NYSE: NRD) whereby $2.5 million of debt owed to Nord Resources Corporation was converted into 370,370 unregistered shares of common stock of Nord Pacific at $6.75 per share, the market price at the time of the agreement.
 Nord Resources Corporation owned approximately 41.2 percent of the issued and outstanding shares of Nord Pacific prior to the conversion, and now holds approximately 47.4 percent after the conversion.
 The conversion agreement further provides that if during the 12 month period following the agreement Nord Pacific sells common stock in a public offering or private placement at a per share price less than $6.75, the conversion price will be adjusted and additional shares will be issued to Nord Resources Corporation to reflect the reduced price. Additionally, if during the 12 month period following the agreement Nord Pacific sells $10 million or more in assets in one or more transactions, Nord Resources Corporation shall have the option to put the shares received pursuant to the conversion to Nord Pacific at the conversion price. In that case, Nord Pacific would also be required to pay interest to Nord Resources from the date of the conversion agreement to the date the shares were sold back to Nord Pacific.
 The conversion enables Nord Pacific to meet the NASDAQ Smallcap Market Capital and Surplus Requirements for continued listing of Nord Pacific's common stock.
 Nord Pacific Limited is incorporated under the laws of Bermuda and is engaged in the mining of copper in Australia, and exploration for precious metals, base metals and strategic minerals in Australia, Papua New Guinea and North America, including Mexico.
 -0- 9/7/93
 /CONTACT: Pierce Carson, president, or James Rosel, vice president, both of Nord Pacific Limited, 505-884-8446/
 (NORPF NRD)


CO: Nord Pacific Limited; Nord Resources ST: Ohio IN: MNG SU:

AR -- CL013 -- 9447 09/07/93 15:54 EDT
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Publication:PR Newswire
Date:Sep 7, 1993
Words:335
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