[ET Net News Agency, 6 February 2013] China Best (00370) said it has conditionally
agreed to subscribe for convertible bonds and promissory notes issued by North Asia
Resources (00061) each in an aggregate principal amount of US$7 million (equivalent to
about HK$54.6 million) at their face values.
Both convertible bonds and promissory notes will have a maturity term of three years,
bearing an interest of 8% per annum and 12% per annum. The conversion price of the
convertible bonds of HK$0.31 per share is the same as the closing price. A maximum of
about 176 million shares will be issued to China Best upon the exercise of the conversion
rights attaching to the convertible bonds, representing about 0.65% of North Asia
Resources' share capital immediately after the conversion of all convertible preference
shares and convertible bonds. (HL)