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
Date of Report (Date of earliest event reported): March 16, 1999
ECHO BAY MINES LTD.
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(Exact name of registrant as specified in its charter)
INCORPORATED UNDER THE LAWS OF CANADA 1-8542 NONE
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(State or other jurisdiction (Commission (IRS Employee
of incorporation) File Number) Identification No.)
6400 SOUTH FIDDLER'S GREEN CIRCLE, SUITE 1000, ENGLEWOOD, CO 80111-4957
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 714-8600
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ITEM 5. OTHER EVENTS
On March 16, 1999, Echo Bay Mines Ltd. (the "Company") announced that, in
light of continued low gold prices, the Company has elected to defer the
interest payment due on April 1, 1999 to holders of its $100 million capital
securities. A Press Release with respect to this matter is included as Exhibit
99.1 hereto and is incorporated herein in its entirety by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Press release dated March 16, 1999
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ECHO BAY MINES LTD.
(Registrant)
Date: March 18, 1999 By: /S/TOM S.Q. YIP
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Name: Tom S.Q. Yip
Title: Vice President and Controller
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EXHIBIT INDEX
Exhibit
No. Description
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99.1 Press release dated March 16, 1999
EXHIBIT 99.1
ECHO BAY MINES
6400 S. Fiddler's Green Circle Investor Contact: Robbin Lee
Englewood, Colorado 80111-4957 303-714-8829
www.echobay.com
ECHO BAY CONTINUES DEFERRAL OF CAPITAL SECURITIES INTEREST PAYMENTS
Tuesday, March 16, 1999 - Echo Bay Mines Ltd. (Amex and TSE: ECO)
announced today, that in light of continued low gold prices, the company has
elected to defer the interest payment due on April 1, 1999 to holders of its
$100 million capital securities.
Under the terms of the capital securities, issued in March 1997, the
company has the right to defer interest payments for up to 10 consecutive
semiannual periods. The interest payments due on April 1 and October 1, 1998
were also deferred. Interest accrues during the deferral period at the rate
of 12% per annum, compounded semiannually, compared with the 11% face amount
payable on the capital securities.
The next scheduled interest payment date is October 1, 1999. Whether to
continue the deferral period or recommence payment of interest will be decided
prior to that date.
Echo Bay mines gold and silver in North America. The primary markets for
its common shares are the American and Toronto stock exchanges.
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