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Gold/Mining/Energy : Anvil Range Mining
ARO 0.151-27.7%Apr 21 5:00 PM EST
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To: crgreen who wrote ()1/17/1998 1:37:00 PM
From: The Lone Ranger  Read Replies (2) of 143
 
Anvil Range Mining Corp -

Interest payment on convertible debentures deferred; court protection received

Anvil Range Mining Corp
ARO
Shares issued 20500000
1998-01-16 close $0.21
Friday Jan 16 1998
Mr Patrick Mars reports
Anvil Range Mining Corporation plans to defer the interest payment of $1.3
million due on January 17 1998 on its outstanding 8.5% debentures. Anvil Range
intends to enter into discussions with the holders of the convertible debentures in
order to seek an arrangement with them as part of an overall restructuring plan.
Since Anvil Range resumed operations in November 1997, prices for zinc and
lead have weakened. As a result, the company's cash resources have been
substantially depleted. Accordingly, Anvil Range will commence an orderly
shutdown of the Faro operations commencing immediately. The operations will be
placed on a care and maintenance basis.
Anvil Range intends to apply immediately for court protection under the terms of
the Companies Creditors Arrangement Act which application, if granted, will
allow Anvil Range time to negotiate with all stakeholders of the company with a
view to developing a complete restructuring of the company. Anvil Range's
technical consultants, Strathcona Mineral Services Limited, continue to review the
operations of the company in order to reduce operating costs and optimize the
company's mine plan.
Mr Mars also reports
Further to the press release issued earlier today, Anvil Range has now been
granted protection by the Ontario Court (general division) under the companies'
Creditors Arrangement Act. This protection will allow Anvil Range an opportunity
to develop a restructuring plan for the benefit of the company's stakeholders. The
initial CCAA protection order applies up until February 16 1998.
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