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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
FEBRUARY 24, 1999
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 February 24, 1999, the Registrant issued the following press release:
[Royal Oak Mines Inc. Press Release Letterhead]
FOR IMMEDIATE RELEASE FROM KIRKLAND
FEBRUARY 24, 1999
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TO THE HOLDERS OF ROYAL OAK MINES INC. SECURED 12.75% SENIOR SUBORDINATED NOTES,
CUSIP NOS. 78051DAC9 AND 78051DAE5 AND TO ANY OTHER PERSON WITH AN INTEREST IN
ROYAL OAK MINES INC.
TAKE NOTICE that pursuant to an Order dated February 15, 1999 of the Ontario
Court (General Division) Royal Oak Mines Inc. has been authorized and empowered
to borrow from Trilon Financial Corporation such monies from time to time as
Royal Oak Mines Inc. may consider necessary or desirable pursuant to an
operating credit facility in the aggregate principal sum of Canadian
$34,700,000, subject to such limits on the amounts that Royal Oak Mines Inc. may
draw down thereunder as imposed from time to time by the Court. The Court has
further ordered that the repayment of monies borrowed by Royal Oak from Trilon
Financial Corporation pursuant to such operating credit facility together with
all interest, fees, charges and other amounts payable in respect thereof shall
be secured by security on all of the present and future property, assets and
undertaking of Royal Oak Mines Inc. and shall rank senior in priority to any and
all other liens, charges, encumbrances or security of whatever nature or kind
which may at any time exist with respect to such property, assets and
undertaking, subject only to the Permitted Encumbrances provided for thereunder.
Please direct any enquiries you have to the Monitor, Ms. Heather Berger, of
PricewaterhouseCoopers LLP at (425) 822-8992 or fax (425) 822-3552. Copies of
the credit and security agreements relating to the operating credit facility and
copies of the Court Order can be obtained from the Monitor.
For further information, contact:
J. Patrick Howe
Howe & Company Inc.
(416) 863-6632
E-mail: [email protected]
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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: February 24, 1999 By: /s/ M.K. Witte
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M.K. Witte
President and CEO
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