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North Asia Resources Issuing $33 Million of Convertible Bonds to CCB Asset

By Joshua Fellman -

North Asia Resources Holdings Ltd. will issue $33 million of three-year, 8-percent convertible bonds to CCB International Asset Management Ltd., the company said in a Hong Kong stock exchange filing.

The company will use the HK$243 million of net proceeds from the sale to help pay for an iron concession in Mongolia, possible future acquisitions and as “working capital,” North Asia said today. The bonds are convertible into 150.4 million new shares, it said.

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