Debt Conversion

RNS Number : 7599R

Tri-Star Resources PLC

27 August 2010

 



27 August 2010

Tri-Star Resources Plc

("Tri-Star" or the "Company")

(formerly Canisp plc)

Debt Conversion

Further to the announcement earlier today regarding a placing of 375,000,000 new ordinary shares, Tri-Star (AIM: TSTR), the AIM listed company which holds licences and permits in respect of the mining and exploitation of mineral rights for antimony at Goynuk, located in the Gediz district of Turkey, is pleased to announce that Corvus Capital Ltd ("Corvus") has notified the Company that it has assigned its interest in the £383,500 Corvus convertible debt to Bowden Group Holdings Limited which, in turn, has notified the Company of its intention to convert the entire outstanding debt of £383,500 into 383,500,000 new ordinary shares (the "Shares") in the capital of the Company at the contractual conversion price of 0.1 pence per share (the "Conversion").  Following the Conversion, Bowden Group Holdings Limited will hold 571,000,000 ordinary shares representing 12.01% of the newly enlarged issued share capital of the Company.

The Shares will rank pari passu with all existing ordinary shares in the capital of the Company, and application will be made for the Shares to be admitted to trading on AIM ("Admission").  Admission is expected to commence on 3 September 2010, when the enlarged issued share capital of the Company taking into account the placing of shares announced earlier today together with the Shares will total 4,752,547,275 shares.

Following the Conversion, the above figure of 4,752,547,275 ordinary shares may be used by shareholders of the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Tri-Star under the Financial Service Authority's Disclosure and Transparency Rules. The Company does not hold any shares in treasury.

www.tri-starresources.com

Enquiries:

Strand Hanson Limited (Nomad) James Harris / Paul Cocker / Liam Buswell	Tel: [phone]
Keith, Bayley, Rogers & Co Limited (Broker) Simon Frost / Brinsley Holman	Tel: [phone]
Hansard Communications Justine James /John Bick	Tel: [phone]

 

END

 

 

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