SYDNEY (Yosefardi) – Paramount Mining Corp Ltd has on 27 February 2014 converted its credit facilities into shares, to strengthen its balance sheet.
This loan conversions, it said, also demostrates ongoing confidence in the exciting Gunung Rosa project.
The loan conversions consist of US$697,320 provided by Cape Gannet Ltd and US$334,912 provided by Resources Global Finance Ltd.
Paramount focuses on precious and base metal deposits in Asia, and in particular Indonesia. The Gunung Rosa project is a high-grade gold, silver, and base metals sulphide mine 125km south of Jakarta.
The project is the flagship project for Paramount and the company presently holds a controlling 72.25% equity interest.