EDMONTON, Alberta, March 28 /PRNewswire-FirstCall/ -- Echo Bay Mines Ltd.
(Toronto; Amex: ECO) announced that its shareholders today approved the
issuance of 361,561,230 common shares to retire 100 percent of the capital
securities of the Company. The capital securities were issued in early 1997
and, at December 31, 2001, the principal plus accrued and unpaid interest
amounted to US$164.2 million. Interest had been accruing at an annual rate of
12 percent and an interest payment of US$83.8 million would have become due
and payable March 31, 2003, leaving the principal balance of US$100 million on
which interest would have continued to accrue. The transaction is expected to
close shortly.
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:
Lois-Ann L. Brodrick, Vice President and
Secretary of Echo Bay Mines Ltd., +1-780-496-9704
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