OZ Minerals advises that notice is being given today to Bondholders of the OZ Minerals Convertible Bonds that OZ Minerals will redeem any Bonds that remain outstanding on or around 24 November, 2010. Under the Terms and Conditions of the Bonds, OZ Minerals has the option to redeem outstanding Bonds as the OZ Minerals share price has exceeded 130% of the Conversion Price for more than 20 out of 30 successive trading days.
The Convertible Bonds have a face value of US$105 million. If Bondholders elect to exercise their Conversion Right prior to the redemption date of 24 November, conversion at the current Conversion Price of US$0.895 will result in 117
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