Princeton arranges debenture financing

A private placement of $12 million in convertible debentures was recently completed by Princeton Mining (TSE) through Deacon Barclays de Zoete Wedd. The debentures pay 10% and are convertible into common stock at $2.75 over a 5-year term and are redeemable at par on March 31, 1996.

Proceeds from the issue will be used to support the development of new orebodies at both the Similco copper mine in southern British Columbia, and the Cassiar asbestos mine in northern British Columbia.