ENGLEWOOD, Colo., March 16 /PRNewswire/ -- Echo Bay Mines Ltd.
(Amex: ECO; Toronto) announced today, that in light of continued low gold
prices, the company has elected to defer the interest payment due on April 1,
1999 to holders of its $100 million capital securities.
Under the terms of the capital securities, issued in March 1997, the
company has the right to defer interest payments for up to 10 consecutive
semiannual periods. The interest payments due on April 1 and October 1, 1998
were also deferred. Interest accrues during the deferral period at the rate
of 12% per annum, compounded semiannually, compared with the 11% face amount
payable on the capital securities.
The next scheduled interest payment date is October 1, 1999. Whether to
continue the deferral period or recommence payment of interest will be decided
prior to that date.
Echo Bay mines gold and silver in North America. The primary markets for
its common shares are the American and Toronto stock exchanges.
SOURCE Echo Bay Mines Ltd.
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Related links:
http://www.echobay.com
CONTACT:
Robbin Lee of Echo Bay Mines Ltd.,
303-714-8829
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