Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Franco-Nevada (FN - TSE) - zero debt, cash rich royalty co. -- Ignore unavailable to you. Want to Upgrade?

To: Traveling Man who wrote (451)	9/5/2001 6:03:34 PM
From: Traveling Man	Read Replies (1) \| Respond to of 511

I didn't know FN even held these shares,got by my radar. Franco-Nevada agrees to convert its Echo Bay capital securities into common shares TORONTO, Sept. 5 /CNW/ - Franco-Nevada Mining Corporation Limited (TSE:FN) has today entered into support and lock-up agreements with respect to US$72.4 million in principal amount of the capital securities of Echo Bay Mines Ltd. (Amex and TSE:ECO). At September 30, 2001, the principal plus accrued interest on those capital securities will amount to US$115.3 million. Franco-Nevada has agreed to convert all the capital securities owned by it into Echo Bay common shares. Franco-Nevada currently intends to maintain a 49.5% interest in Echo Bay common shares following conversion. The conversion is subject to the approval of Echo Bay shareholders and is conditional on other capital security holders agreeing to convert on the same terms, the consent of Echo Bay's bankers and necessary regulatory approvals. The board of directors of Echo Bay will recommend approval to their shareholders. Echo Bay management expects to mail proxy material to shareholders on a timely basis and proceed to secure all required regulatory approvals to allow for the conversion of all, or substantially all, of the capital securities for common shares by the end of 2001. Echo Bay is a substantial gold company producing last year 695,000 ounces from four mines in the United States and Canada. Franco-Nevada has acquired its interest in Echo Bay for investment purposes and will review its holdings from time to time and may increase or decrease its position as future circumstances dictate. -30- For further information: Sharon E. Dowdall, Vice President, General Counsel & Secretary, Tel: (416) 480-6491, franco-nevada.com FRANCO-NEVADA MINING CORPORATION LIMITED has 30 releases in this database. --------------------------------------------------------------------------------