LISTED miner United Paragon Mining Corp. (UPM) on Friday disclosed that it is currently in talks with Camarines Minerals Inc. (CMI) to address its negative stockholders' equity and reduce debt.
LISTED miner United Paragon Mining Corp. on Friday disclosed that it is currently in talks with Camarines Minerals Inc. to address its negative stockholders' equity and reduce debt.In a letter to the Philippine Stock Exchange dated Dec. 26, 2024, UPM President Adrian Paulino Ramos said his company was 'actively engaged in fruitful ongoing negotiations with our partner, Camarines Minerals Inc., and are making significant headway toward a mutually beneficial resolution.
'Specifically, our discussions focus on identifying the liabilities to be converted and reducing the accrued interest while maintaining the required minimum public float. We anticipate that this combination will result in a substantial reduction of our outstanding liabilities, effectively bringing UPM's capital back to positive, as outlined in our earlier commitment.
Paragon Says Debt Talks Progressing
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