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Talks underway.


St. Andrew Goldfields Ltd. is negotiating with its Swiss bankers after writing down the value of its Stock Township mine and mineral properties to $1.3 million. Under the terms of a bond indenture covering $20.8 million in 5.75-per-cent convertible bonds, the company is required to maintain a net worth of at least $20 million. The bonds, which are due on June 6, 1995, are convertible into common shares at $4.73 per share. Under the terms of the bond agreement, St. Andrew has 45 days after a notice from the bond trustee to comply with the requirement or it will be required to redeem all of the outstanding bonds.
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Title Annotation:Mining Report; St. Andrew Goldfields Ltd. negotiates with Swiss bankers
Publication:Northern Ontario Business
Date:Jun 1, 1991
Previous Article:Industry generally pleased with revision of Mining Act.
Next Article:Feasibility study.

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