London-listed, Russia-focused gold miner Polymetal has agreed to exchange its $10-million of convertible notes received from fellow-listed Chaarat Gold as part of an original consideration for the Kapan mine, in Armenia, into equity.
Polymetal, which sold Kapan to Chaarat in January this year, will receive 14 638 020 newly issued shares in Chaarat, representing 3.5% of the enlarged issued share capital of the miner.