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 28, 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 28, 1998, the Registrant issued the following press release:
[Royal Oak Mines Inc. Press Release Letterhead]
FOR IMMEDIATE RELEASE FROM KIRKLAND
January 28, 1998
Royal Oak Draws Funds from Senior Secured Financing
Royal Oak Mines Inc. (TSE and AMEX: RYO) announced today that it has drawn down
funds from the previously-announced US$44 million senior secured financing.
Last week, the Company received consents acceptable to the senior lenders from a
majority of the aggregate amount of its Senior Subordinated Note holders.
Margaret Witte, President and Chief Executive Officer of Royal Oak, said: "We
sincerely appreciate the continuing support of our Senior Subordinated Note
holders, and their consent to the latest financing will enable us to complete
construction and start-up of our Kemess gold-copper mine in April of this year."
"We also acknowledge the financial support of the government of British Columbia
during the construction phase of the Kemess Mine. We have recently received the
final payment of C$17.6 million from the government for this phase of the
project. The government will be providing a further C$12 million over 12 years
when the mine is operating," Margaret Witte added.
Margaret Witte concluded: "We are excited that we are now so close to the
opening of Kemess, our core asset that will be the springboard for the future
growth of Royal Oak. We look forward to an improvement in gold and copper
prices, and to a revaluation of the Company in the capital markets that will
reward our supportive shareholders and bond holders."
For further information contact: or in Europe contact:
Mr. J. Graham Eacott Mr. David Williamson
or Mr. Nick Volk David Williamson Associates Limited
Royal Oak Mines International Investor Relations
5501 Lakeview Drive 15 St. Helen's Place, 3rd Floor
Kirkland, WA 98033-7314 London, England EC3A 6DE
Telephone: (425) 822-8992 Telephone: 011-44-171-628-3989
Facsimile: (425) 822-3552 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 28, 1998 By: /s/ James H. Wood
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James H. Wood
Chief Financial Officer
