ENGLEWOOD, Colo., March 16 /PRNewswire/ -- Echo Bay Mines Ltd.
(Toronto; Amex: ECO) announced today that the company has elected to defer the
interest payment due on April 1, 2001 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 current deferral represents the seventh consecutive
deferral of semiannual interest payments. 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, 2001. 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.
For further information, please contact: Tom Yip, Vice President and Chief
Financial Officer, 303-714-8720.
http://www.echobay.com
SOURCE Echo Bay Mines Ltd.
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Related links:
http://www.echobay.com
CONTACT:
Tom Yip, Vice President and Chief Financial
Officer of Echo Bay Mines Ltd., 303-714-8720
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