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Echo Bay Mines exchanges $100 million capital securities for stock
New York, April 3 - Echo Bay Mines Ltd. said it exchanged $100 million of its capital securities plus accrued interest for 361,561,230 shares of common stock.
The Edmonton, Alta. gold and silver miner said the securities were issued in 1997 and at Dec. 31, 2001 the principal plus accrued interest was $164.2 million. Interest was accruing at 12% and an interest payment of $83.8 million was due on March 31, 2003.
Echo Bay said its new principal holders of common shares are Newmont Mining Corp. of Canada Ltd. with 48.8% and Kinross Gold Corp. with 11.4%.
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