ENGLEWOOD, Colo., March 24 /PRNewswire/ -_ Echo Bay Mines Ltd.
(AMEX: ECO; TSE) announced completion of the sale of US$100 million of capital
securities today.
The net proceeds of US$96.7 million will be used for debt repayment and
general corporate purposes, including capital expenditures such as the
development or expansion of the company's existing properties and working
capital.
The 11% capital securities due 2027 are unsecured, subordinated and junior
in right of payment to all senior indebtedness of the company, and will be
accounted for primarily as shareholders' equity in accordance with generally
accepted accounting principles in Canada.
The securities were sold solely in the United States by Goldman, Sachs &
Co. as underwriter. A prospectus can be obtained from Goldman, Sachs & Co.,
85 Broad Street, New York, NY 10004.
Echo Bay is a major gold producer with mines in Canada and the United
States and with exploration and development projects on four continents. The
primary markets for its shares are the American and Toronto stock exchanges.
SOURCE Echo Bay Mines Ltd.
 back to top
CONTACT:
Media: Jill Paukert, 303-714-8825; or
Investor: Robbin Lee, 303-714-8829, both for Echo Bay Mines
|
