Ms. Deborah Pawlowski reports
GREAT WESTERN MINERALS ANNOUNCES DEBT CONVERSION RATE ADJUSTMENT
Great Western Minerals Group Ltd. has adjusted the conversion rate as required by the terms of its 8-per-cent convertible bonds due April 6, 2017. The terms of the bonds provide that Great Western was required to produce not less than 500 metric tonnes of separated rare earth oxides by Oct. 6, 2014, failing which the conversion rate would be reset in accordance with the formula contained in the trust deed governing the bonds.
The new conversion rate is 55 cents per common share of the company, effective for conversion rate calculations on or after Oct. 6, 2014. The original conversion rate was 66 cents per common share. Notices of the conversion rate adjustment have been delivered to holders of the bonds.
We seek Safe Harbor.
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