Pioneer approves debt settlement

Shareholders of Pioneer Metals (TSE) recently approved a proposed restructuring and debt settlement agreement with Chase Manhattan Bank.

Chase held Pioneer secured debt totalling about $21 million which it agreed to cancel in return for Pioneer’s 100% interest in the Bonito property in New Mexico as well as sufficient treasury shares to bring its interest in Pioneer up to 49.9%.

Pioneer is now debt-free, holds a number of exploration properties, as well as a 100% interest in the closed Puffy Lake gold mine in Manitoba.