News Column

Baker Steel Resources Ups Interest In Polar Silver With Loan, Share Buy

June 25, 2014

Steve McGrath

LONDON (Alliance News) - Baker Steel Resources Trust Ltd Wednesday said it has bought convertible loans made to a subsidiary of Polar Silver Resources Ltd and 500 shares in the parent company for GBP1.3 million worth of shares in total, raising its Polar Silver interest to 21.2%, from 15.0%.

In a statement, it said it has bought USD2.5 million worth of convertible loans made to Polar Silver subsidiary ZAO Argentum. Baker Steel is issuing 2.3 million of its own shares at 58.5 pence a share to pay for the loans and the 500 Polar Silver shares.

Polar Silver Resources is the holding company for ZAO Argentum, which has a 50% interest in the Prognoz silver project in Russia.

Baker Steel's stake in Polar Silver will rise to 21.2% once all the outstanding convertible loans in both the parent and subsidiary are converted into shares.

Baker Steel shares were down 3.4% at 39.50 pence Wednesday morning.

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Source: Alliance News

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