BERKELEY, Calif., March 7, 2007 (PRIME NEWSWIRE) (PRIMEZONE) -- XOMA Ltd. (Nasdaq:XOMA) announced today that it has elected to automatically convert all of its remaining outstanding Convertible SNAPs(sm) due 2012 (approximately $2.5 million) into common shares pursuant to the terms of the indenture governing the notes. In the automatic conversion, the Company will issue approximately 1.4 million common shares, including approximately 100 thousand shares to be issued in payment of a portion of the additional interest provided for in the indenture, and will pay holders of the notes a total of approximately $300 thousand in cash in payment of the remaining portion of the additional interest. The automatic conversion will take effect on or about March 27, 2007. All other outstanding Convertible SNAPs(sm) due 2012 have been voluntarily converted by the holders prior to March 7, 2007. After giving effect to the automatic conversion, the Company expects to have approximately 131.5 million common shares outstanding.
