LionOre cuts conversion price for notes due in 2011

The nickel producer said the conversion price has been lowered from $6.1329 per share to $5.5196 per share if the notes are converted on or before July 31, or to $5.6729 per share if conversion is after July 31 but on or before Sept 5.

Note-holders who convert their notes at the adjusted conversion price will receive the same number of LionOre common shares they would have received before the adjustment, plus a cash amount for any excess shares calculated, the company added.
In May, Norilsk Nickel, Russia's largest metals and mining company, increased its offer for Canada-based LionOre to $C27.50 per share from a previous $C21.50 bid.  (AFX News)