EDMONTON, Alberta, April 3 /PRNewswire-FirstCall/ -- Echo Bay Mines Ltd.
(Toronto; Amex: ECO) announced today that the exchange of capital securities
for common shares has been completed. An aggregate of 361,561,230 common
shares of Echo Bay has been issued to retire a capital securities debt
obligation of US$100 million in principal amount plus accrued and unpaid
interest. On March 28, 2002, the shareholders of Echo Bay approved the
issuance of the shares. The new principal holders of common shares and their
respective share ownership positions in the Company are: Newmont Mining
Corporation of Canada Limited -- 48.8 percent and Kinross Gold
Corporation -- 11.4 percent.
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.
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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CONTACT:
Lois-Ann L. Brodrick, Vice President and
Secretary of Echo Bay Mines Ltd., +1-780-496-9704
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