Sunshine Subsidiary Completes Offering

Boise-based Sunshine Precious Metals, a subsidiary of Sunshine Mining and Refining Co., completed a $30 million offering Friday of notes exchangeable for common stock in the company.

The Senior Exchangeable Notes have an 8 percent interest rate and will be listed on the Luxembourg Stock Exchange. The notes can be exchanged for Sunshine stock for $1.44 a share, subject to some adjustments such as inflation.

After one year, Sunshine can force the notes to be converted to common stock. The notes cannot be offered or sold in the United States without registration under the Securities Act of 1933.

The money will go toward Sunshine’s new projects in Argentina and Peru, said Bill Davis, spokesman for the company. While Sunshine is spending millions in expanding its flagship silver mine in the Silver Valley, the company already has money in hand to see that work through, he said.

, DataTimes