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Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.
Message: Announces Conversion of Debt
| March 26, 2009 |
| ECU Silver Announces Conversion of Debt |
| TORONTO, ONTARIO--(Marketwire - March 26, 2009) - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. ECU Silver Mining Inc. ("ECU Silver" or the "Company") (TSX:ECU) is pleased to announce that it has reached agreements with the holders of its outstanding 12% convertible debentures maturing on July 31, 2013 (the "Debentures") to convert the aggregate principal amount of the Debentures, being $6,000,000, as well as the accrued and unpaid interest thereon and all associated prepayment premiums, amounting to $7,348,048 in total, into common shares ("Common Shares") and warrants to purchase Common Shares ("Warrants"). ECU Silver has reached a similar agreement with the holder of a demand promissory note (the "Note") to convert $362,357 in principal and accrued and unpaid interest into Common Shares and Warrants. Under the terms of such debt conversions, ECU Silver has issued today an aggregate of 11,014,867 Common Shares and Warrants in full repayment of the Debentures and the Note. The Common Shares and Warrants were issued on the basis of one Common Share and one Warrant for each $0.70 of indebtedness, being the identical price at which the Company recently issued Common Shares and Warrants pursuant to its short form prospectus offering which closed on February 20, 2009. Each Warrant entitles its holder to acquire one Common Share at a price of $0.95 at any time on or before February 20, 2014. ABOUT ECU SILVER ECU Silver is focused on the exploration, development and mining of precious and base metals at its Velardena District Properties in Durango, Mexico. The area is comprised of three properties, the Main Velardena Property, the Chicago Property and the San Diego Joint Venture Property. The properties contain a measured and indicated mineral resource of 40,000,000 silver equivalent ounces and an inferred mineral resource of 391,000,000 silver equivalent ounces. ECU Silver's mission is to become a pre-eminent silver and gold producer through the development of existing and additional potential resources in the Velardena district. |
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