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Gold/Mining/Energy : Royal Oak-RYO

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To: scott who wrote (925)	4/16/1998 9:06:00 AM
From: Al Cern	Read Replies (1) of 1706

This is the reality. Royal Oak Mines Inc RYO Shares issued 140,795,079 Apr 15 close $1.45 Thu 16 Apr 98 In the News Also Trilon Financial Corp (TFC.A) The Financial Post reports in its Thursday, April 16, edition that bondholders of Royal Oak Mines are split over whether the cash strapped gold producer should continue as a going concern or be forced into bankruptcy. The Post's Peter Kennedy writes that unnamed sources watching negotiations between Royal Oak and holders of the company's US$175 million in senior subordinated notes say it isn't clear which side will gain the upper hand. Unnamed observers say US bondholders are squabbling over an offer form the company that would allow it to access a US$120 million financing arranged with Trilon Financial. US bondholders are upset the Trilon loan carries a coupon rate of 12 per cent, plus a US$14 million royalty on Kemess production and additional fees. Royal Oak can't close the Trilon deal without support from holders of 51 per cent of the subordinated notes, which carry a flat coupon rate of 11 per cent and would rank behind Trilon in the event the company is wound up. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com

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