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Gold/Mining/Energy : ECM.VSE - El Callao Mining.
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To: gmweber who wrote (1249)1/19/2001 8:02:56 PM
From: Elizabeth Andrews  Read Replies (1) of 1253
 
Note 2 to the sept 30-00 (Q3) report says "On September 13, 2000, the Company announced that it has entered into agreements to sell its 45% interest
in El Callao Mining Corp. ("El Callao") to Crystallex International Corporation ("Crystallex"). The Company
is selling its 45% interest in El Callao, debt owed to the Corporation by El Callao of approximately $14.3 million
($13.8 million as at September 30, 2000) and a 2% royalty. The debt owed to the Company by El Callao and the 2%
net smelter royalty will be purchased for $7.6 million of which $3 million has been received and a 1% net smelter return
royalty. The Company has also entered into a "lock-up" agreement whereby the Company will tender its El Callao
shares to a Crystallex takeover bid. As a result, the Company wrote-down its investment in El Callao and the debt
owed by El Callao by $9.3 million and $609,000 respectively, to their estimated recoverable amounts. The takeover
bid and closing of the acquisition of the debt and royalty interest are subject to receipt of all applicable regulatory,
securities commission and stock exchange approvals and consents. In the event that Crystallex receives an
unfavourable ruling from the regulatory authorities, the Company or Crystallex will have the right to terminate this
transaction. In such an event, the Company may elect to re-acquire the $3 million debt position sold to date. In
addition, Crystallex will itself have certain rights to cause the Company to re-acquire the $3 million debt position.
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