Primero Mining offers to purchase all 2016 convertible debentures

By Marisa Wong

Madison, Wis., April 4 - Primero Mining Corp. said it is making an offer to purchase for cash all of its outstanding convertible subordinated debentures due March 23, 2016.

The company is offering to purchase the convertible debentures at par plus accrued interest up to, but excluding, May 16.

The offer price will be payable on May 16 to all debentureholders who accept the offer prior to 5 p.m. ET on May 12.

Holders may accept the offer for all or a portion of their debentures.

If holders of 90% or more of the total principal amount of the outstanding debentures accept the offer, Primero may, but is not obligated to, redeem all the outstanding debentures at the offer price.

The offer follows Primero's March 5 acquisition of all of the outstanding shares of Brigus Gold Corp. under a plan of arrangement.

The indenture governing the debentures requires Primero to make an offer to repurchase the debentures following a change of control of Brigus.

Primero is a precious metals producer based in Toronto.

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