SUNSHINE MINING CO. MAKES ANNOUNCEMENT WITH REGARD TO ITS WHOLLY OWNED SUBSIDIARY, SUNSHINE PRECIOUS METALS INC.
BOISE, Idaho, July 21 /PRNewswire/ -- Sunshine Mining Co. (NYSE: SSC) announced today that its wholly owned subsidiary, Sunshine Precious Metals Inc. ("SPMI") had modified the terms of the indenture governing its Silver Indexed Bonds to allow bondholders to "put" on Aug. 16, 1993 and Sept. 1, 1993, each $1,000 bond to SPMI in exchange for 340 shares of Sunshine Mining Co. common stock, subject to a $1,000 limitation on the value of the common stock to be received. Approximately $48 million in principal amount of bonds are outstanding, and Sunshine has approximately 155 million common shares outstanding. Previously, bondholders could only "put" bonds on quarterly interest payment dates, and shares issued in exchange for "put" bonds were subject to a value limit of $550 per $1,000 principal amount of Bonds. Bondholders electing to "put" should send their irrevocable notice of acceptance of the put to the trustee, American Stock Transfer, along with their bond certificates, by Aug. 12, 1993, in the case of the Aug. 16 "put" date, and by Aug. 27, 1993, in the case of the Sept. 1, 1993 "put" date. After September 1993, the modification will no longer be available and bondholders will only be able to exercise their "put" on quarterly interest payment dates and subject to a $550 value limitation on Sunshine Common Stock received. Sunshine, through its Sunshine Precious Metals, Inc. subsidiary, owns and operates the Sunshine Mine and Refinery Complex in the Coeur d'Alene Mining District in Northern Idaho. The Sunshine Mine has been in operation for more than 100 years, over which time it has been the largest primary silver producing mine in North America. -0- 7/21/93 /CONTACT: William W. Davis of Sunshine Mining Co., 214-855-8706/ (SSC)
CO: Sunshine Mining Co.; Sunshine Precious Metals Inc. ST: Idaho IN: MNG SU:
BP -- LA028 -- 4196 07/21/93 17:58 EDT
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|Date:||Jul 21, 1993|
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