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Gold/Mining/Energy : Royal Oak-RYO -- Ignore unavailable to you. Want to Upgrade?

To: Grant Baker who wrote (836)	3/26/1998 2:43:00 PM
From: Michael Bidder	Respond to of 1706

I doubt it. (earnings)? Terms of the issue?.......Anyone? Please guys this is really important!

To: Grant Baker who wrote (836)	3/26/1998 3:13:00 PM
From: carter, p	Read Replies (1) \| Respond to of 1706

It's easy to see Michael's motive for posting such fear-mongering comments. He had raised some good points days ago about the financial plight of RYO but he's becoming more alarmist (read "desperate") now with the new strong financial package just laid out. This has been a monumental day in RYO's history.

To: Grant Baker who wrote (836)	3/26/1998 5:38:00 PM
From: Bill Jackson	Read Replies (1) \| Respond to of 1706

Grant, the rate is a high junk bond rate, pegged at 6% above the interbank prime(or some other varying bech mark). $120M Can $ is around $83 US$. Micheaks rate was correct. I feel Peggy decided to pay that as cheaper than paying by dilution that any share deal would entail. She has previously said she would avoid any dilution, if possible. This rate, while high, is payable if Kemiss gets going pronto. A bit of help from Asia and thus from gold/copper and this line could be paid by year end, 1998. Si I advise all shorts, cover yesterday, today is too late and tomorrow is worse. The default was in allowing accounts payable above a certain amount to stretch to over 90 days. This is a common mile post(among many) that lenders of risk $$ place on th borroer. There will be a coterie of them with this new line of credit. This new line will finalize by Mid April, or so ,I suspect. Bill