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Strategies & Market Trends : Talk to Lola:) -- Ignore unavailable to you. Want to Upgrade?

To: marcos who wrote (1351)	10/12/1999 4:03:00 PM
From: Lola	Read Replies (1) \| Respond to of 2010

KGC/nyse . . .K/tse . . . Kinross news out just now . . . Kinross Gold Corp - Kinross shares to be sold by Cyprus Amax Kinross Gold Corp K Shares issued 302,476,501 1999-10-08 close $4.24 Tuesday Oct 12 1999 Mr. Gerald Malys reports Cyprus Amax Minerals Company has entered into an agreement to sell the common shares of Kinross Gold Corporation owned directly or indirectly by it. Pursuant to an underwriting agreement with a syndicate of underwriters led by Merrill Lynch & Co., CIBC World Markets Corp. and TD Securities (USA) Inc., the syndicate, or its affiliates, has agreed to purchase approximately 89 million common shares of Kinross Gold Corporation at $4 (approximately $2.71 (U.S.)) per common share, for total proceeds of $356-million (approximately $242-million (U.S.)). The underwriting syndicate has agreed to sell the common shares to the public in Canada and the United States. A Canadian preliminary short-form prospectus and a United States registration statement to qualify the offering for distribution to the public has been filed with the securities regulatory authorities in Canada and the United States. Subject to obtaining the necessary regulatory approvals and satisfaction of certain customary conditions in the underwriting agreement, closing is expected to occur on or about Oct. 27, 1999. The common shares are being offered by Cyprus Amax Minerals Company and certain of its wholly owned affiliates. Upon completion of the offering, Cyprus Amax will not own any Kinross Gold Corporation common shares (excluding warrants to purchase approximately 8.8 million common shares of Kinross Gold Corporation). Kinross Gold Corporation has agreed not to sell or issue any common shares or securities convertible into or exchangeable for common shares of Kinross Gold Corporation for a period of 90 days subsequent to the closing of this offering. Cyprus Amax expects to realize approximately $232-million (U.S.) net of expenses from the transaction. This transaction would result in nearly $200-million of tax losses to Cyprus Amax Minerals Corporation that will enable recoupment of prior year taxes and be carried forward for future use. The transaction would also be accretive to earnings due to the elimination of equity losses. A gain of approximately $50-million would be realized for financial reporting purposes. Cyprus Amax Minerals Company, headquartered in Englewood, Colo., is a leading producer of copper and the world's largest producer of molybdenum. Cyprus Amax is exploring for minerals worldwide. On Sept. 30, 1999, Cyprus Amax and Phelps Dodge entered into a definitive merger agreement under which Phelps Dodge would acquire Cyprus Amax. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted in the United States prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.