With an annual interest rate of 7.5%, payable semi-annually, the debentures are scheduled to mature July 25, 1999 and are convertible at any time into common shares of Metall at $13.75 per share.
The debentures are being offered in Canada through an underwriting group led by Burns Fry Ltd., Gordon Capital Corp., Nesbitt Thompson Deacon Inc., and ScotiaMcLeod Inc. and are being offered in Europe through a syndicate led by Burns Fry Ltd.
Metall said the proceeds will be used to develop existing mining projects and to finance the acquisition and development of additional mining assets as opportunities arise.
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