A press release published earlier today erroneously reported the conversion rate of the debentures referred to herein as being 75.188. The correct rate is as stated below.
A press release published earlier today erroneously reported the conversion rate of the debentures referred to herein as being 75.188. The correct rate is as stated below.
Toronto, Ontario - KINROSS GOLD CORPORATION (TSE-K, NYSE-KGC) announced today that a syndicate led by CIBC Wood Gundy Securities Inc. and Scotia McLeod Inc., have agreed to acquire unsecured convertible debentures in the aggregate principal amount of C$200 million.
The debentures bear interest at 5.5% per annum, mature on December 5, 2006, and are convertible into common shares of Kinross Gold Corporation at a conversion price of C$13.35 per share, being a rate of 74.906 common shares per C$1,000 principal amount of debentures, subject to standard anti-dilution and similar adjustments. The debentures will not be redeemable on or prior to June 30, 2000 and will be redeemable thereafter until December 31, 2001 at par plus accrued and unpaid interest under certain conditions. On or after December 30, 2001 the debentures will be redeemable at par plus accrued and unpaid interest.
The purchase of the debentures is subject to normal onditions of closing, including the execution of a definitive underwriting agreement, obtaining normal regulatory approvals and the filing of a preliminary prospectus and final prospectus in Canada. Closing of the transaction is expected to occur on December 5, 1996.
Cautionary Statement on Forward-Looking Information
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
