PA Resources Receives Funds through Convertible Bond Issue

A preliminary calculation shows that the rights issue of convertible bonds has been fully subscribed. Through the issue, PA Resources will receive proceeds of approximately SEK 1,164 million (before issue costs). The final subscription outcome will be made public on or around January 8, 2009.

Key Terms and Conditions

The convertible bonds carry interest at an annual rate of 11 percent from January 15, 2009 until January 15, 2014. Interest is paid to the holder on Jan. 15 each year, starting on January 15, 2010 and the last time on January 15, 2014. The convertible bonds fall due for payment of the nominal amount on January 15, 2014 unless conversion or repayment has occurred prior to this date. Conversion to shares may be requested during the period September 1-30 annually. The conversion price is SEK 16 per share.