SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
January 8, 1998
ROYAL OAK MINES INC.
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(Exact name of registrant as specified in its charter)
Commission File Number 1-4350
ONTARIO, CANADA 98-0160821
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(State or other jurisdiction of (I.R.S. Employer Identification
incorporation or organization) No.)
c/o Royal Oak Mines (USA) Inc.
5501 Lakeview Drive
Kirkland, Washington
U.S.A. 98033
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Address of principal executive offices) (Postal/Zip Code)
(425) 822-8992
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Registrant's telephone number, including
area code
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Item 5. Other Events
On January 8, 1998, the Registrant issued the following press release:
[Royal Oak Mines Inc. Press Release Letterhead]
FOR IMMEDIATE RELEASE FROM KIRKLAND
January 8, 1998
Royal Oak Closes in Escrow Senior Secured Financing
Royal Oak Mines Inc. (TSE and AMEX: RYO) announced today that it has closed the
previously announced US$44 million senior secured financing. This financing has
been closed in escrow pending receipt of consent by holders of 51% of the
aggregate amount of the Senior Subordinated Notes issued August 15, 1996. It is
expected that this consent process will take no more than ten days. Upon
release from escrow, the proceeds of the financing will immediately be available
to Royal Oak for use at the Kemess project and for general corporate purposes.
Construction is continuing on schedule at the Kemess site. The project is 82%
complete with start-up still expected early in April. The proceeds from this
debt issue, combined with working capital and the balance of the proceeds from
the British Columbia government, will provide the funding necessary to complete
and start up the Kemess project.
For further information, contact: or in Europe contact:
Mr. J. Graham Eacott Mr. David Williamson
Royal Oak Mines David Williamson Associates
5501 Lakeview Drive International Investor Relations
Kirkland, WA 98033-7314 15 St. Helen's Place, 3rd Floor
Telephone: (425) 822-8992 London, England EC3A 6DE
Facsimile: (425) 822-3552 Telephone: 011-44-171-628-3989
Facsimile: 011-44-171-920-0563
Internet site: http://www.royal-oak-mines.com
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SIGNATURE
Pursuant to the requirements of Section 12 of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
ROYAL OAK MINES INC.
Date: January 8, 1998 By: /s/ James H. Wood
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James H. Wood
Chief Financial Officer
