Pan East extends debenture term

In order to extend the term of its loan, Pan East Resources (ASE) will amend its Series 1989 debentures.

Currently payable on demand, the debentures will become payable on Aug. 31, 1992. As well, the conversion privilege will be amended to allow holders to convert their debentures, on or before Aug.31, 1992, into 1.5 million units of the company at 20 cents per unit. (Each unit is comprised of one common share and one-half common share purchase warrant.)

Pan East has also agreed to issue an additional 750,000 warrants to debenture holders. Each warrant would entitle the holder to purchase one common share at 20 cents per share on or before Aug. 28, 1992.