ENGLEWOOD, Colo., Sept. 15 /PRNewswire/ -- Echo Bay Mines Ltd.
(Amex: ECO; Toronto) announced today, that due to continued low gold prices,
the company has elected to defer the interest payment due on October 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 current deferral represents the fourth 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 April 1, 2000. 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
Company News On-Call:
http://www.prnewswire.com/comp/269609.html or fax,
800-758-5804, ext. 269609
CONTACT:
Robbin Lee of Echo Bay Mines Ltd.,
303-714-8829
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