ECHO BAY MINES LTD - Units Offering
Toronto, Ontario, May 02, 2002 (Market News Publishing via COMTEX) -- Echo Bay Mines Ltd. announced that it has filed with securities regulators in Canada and the United States for a public offering of units (consisting of common shares and of warrants to purchase common shares). The underwriters for the offering will be BMO Nesbitt Burns and National Bank Financial.
A preliminary short form prospectus with respect to the units to be offered in Canada has been filed with the applicable Canadian securities regulatory authorities. A shelf registration statement with respect to the securities to be offered in the United States has been declared effective by the U.S. Securities and Exchange Commission ("SEC"), and a preliminary prospectus supplement with respect to the proposed offering in the United States was also filed with the SEC.
Echo Bay anticipates that the gross proceeds from the offering will be in the range of US$20 million to US$30 million. Echo Bay plans to use the net proceeds of the offering to repay outstanding indebtedness under its revolving credit facility, to fund exploration activities and for general corporate purposes.
Echo Bay mines gold in North America. The primary markets for its common shares are the American Stock Exchange and the Toronto Stock Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in any jurisdiction. The offering may be made in Canada only by means of a prospectus, a copy of which may be obtained from BMO Nesbitt Burns at 1 First Canadian Place, 4th Floor, P.O. Box 150, Toronto, Ontario M5X 1H3 or National Bank Financial at 130 King Street West, Suite 3200, P.O. Box 21, Toronto, Ontario M5X 1J9. The offering may be made in the United States only by means of a prospectus and related prospectus supplement, copies of which may be obtained from BMO Nesbitt Burns (on behalf of the U.S. underwriters) at 3 Times Square, 27th Floor, New York, New York 10036.
This news release contains forward-looking statements about Echo Bay. These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995. The forward-looking statements in this news release are subject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Echo Bay, that could cause actual results to differ materially from those expressed or implied or projected by the forward-looking statements.
CONTACT: TEL: +1-780-496-9704 Lois-Ann Brodrick, VP
Secretary, Echo Bay Mines Ltd. |
