Olympus Pacific negotiates C$12 million placement of convertible notes

Deal with C$8 million greenshoe aims to be less dilutive than CDI sale

By Devika Patel

Knoxville, Tenn., March 25 - Olympus Pacific Minerals Inc. said it has arranged a C$12 million brokered private placement of convertible notes. The deal will have an C$8 million greenshoe.

The company said it believes a convertible note would be less dilutive to shareholders than its A$16.8 million placement of Chess Depositary Interests, which priced March 22. The company arranged Friday's placement so as to reduce the amount it needs to raise in the CDI sale.

Settlement of the notes is expected April 30.

Toronto-based Olympus Pacific is a gold exploration company focused on properties in Vietnam and Southeast Asia.

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