<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
AMAX GOLD INC.
________________________________________________________________________________
(Name of Issuer)
COMMON STOCK, PAR VALUE $.01 PER SHARE
________________________________________________________________________________
(Title of Class of Securities)
02312010
_______________________________________________________________
(CUSIP Number)
Philip C. Wolf
Senior Vice President
General Counsel and Secretary
Cyprus Amax Minerals Company
9100 East Mineral Circle
Englewood, Colorado 80112
(303) 643-5000
________________________________________________________________________________
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
February 15, 1994
_______________________________________________________________
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [_].
Check the following box if a fee is being paid with the statement [_].
Page 1 of 20 pages
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 02312010 PAGE 2 OF 20 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cyprus Amax Minerals Company 36-2684040
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 31,313,707 See Item 5.
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
31,313,707 See Item 5.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
31,313,707
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 Approximately 40.1%. Based upon 78,023,374 shares of Common Stock
outstanding at November 5, 1993, as reported in the Issuer's Form 10-Q
for the quarter ended September 30, 1993.
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 02312010 PAGE 3 OF 20 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Amax Energy Inc. 36-2684040
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 31,313,707 See Item 5.
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
31,313,707 See Item 5.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
31,313,707
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 Approximately 40.1%. Based upon 78,023,374 shares of Common Stock
outstanding at November 5, 1993, as reported in the Issuer's Form 10-Q
for the quarter ended September 30, 1993.
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 02312010 PAGE 4 OF 20 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Amax Coal Industries, Inc. 36-2684040
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 31,313,707 See Item 5.
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
31,313,707 See Item 5.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
31,313,707
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 Approximately 40.1%. Based upon 78,023,374 shares of Common Stock
outstanding at November 5, 1993, as reported in the Issuer's Form 10-Q
for the quarter ended September 30, 1993.
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 02312010 PAGE 5 OF 20 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Amax Coal Company 36-2684040
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 31,313,707 See Item 5.
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
31,313,707 See Item 5.
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
31,313,707
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13 Approximately 40.1%. Based upon 78,023,374 shares of Common Stock
outstanding at November 5, 1993, as reported in the Issuer's Form 10-Q for
the quarter ended September 30, 1993.
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
<PAGE>
Page 6 of 20 pages
The undersigned hereby amends the following items, exhibits or other
portions of its Schedule 13D as set forth below:
Item 1. Security and Issuer.
The last sentence of Item 1 is amended to read as follows: The address
of the principal executive offices of the Issuer are:
9100 East Mineral Circle
Englewood, Colorado 80112
Item 2. Identity and Background.
Item 2 is amended by the addition of the following:
(a) The name of Amax Coal Industries, Inc. was changed on December 16,
1993 to Cyprus Amax Coal Industries, Inc. An amended Schedule I is attached.
Item 4. Purpose of the Transaction.
Item 4 is amended by the addition of the following:
Cyprus Amax Minerals Company and the Issuer are negotiating
toward an agreement for a gold exploration joint venture, as well as a services
agreement and a non-competition agreement limiting the extent to which each
party will compete with respect to certain business of the other. On February
15, 1994 Cyprus Amax Minerals Company signed a commitment letter to make
available to Amax Gold a $100 million line of credit, a portion of which will
replace current Cyprus Amax Minerals guarantees for existing Amax Gold debt.
The financing arrangement will make available to Amax Gold $100 million
in revolving credits. The outstanding indebtedness under the line of credit may
be repaid by Amax Gold with the issuance of an Amax Gold convertible preferred
stock, which in turn can be converted into Amax Gold common stock at $8.265 per
share which represents a 20% premium to the average closing price of the ten
days immediately prior to February 11, 1994, the date of the commitment letter.
Both companies will have conversion rights that will enable either party to
convert the line of credit into Amax Gold common at a maximum price of $8.265
per share and a minimum price of $5.854 per share.
Also, the Amax Gold Board of Directors has approved the purchase by
Cyprus Amax of three million shares of Amax Gold common stock at a price of
$6.888 to repay approximately $20.7 million of Amax Gold indebtedness to Cyprus
Amax. This action will improve Amax Gold's debt/capital ratio and reduce
on-going interest expenses. As a result of this share purchase, Cyprus Amax's
ownership of Amax Gold's outstanding shares will increase to approximately 42%.
The potential conversion of the line of credit to common stock would increase
Cyprus Amax's ownership of Amax Gold's outstanding shares to slightly under 50%.
Listing of these additional shares and the common stock, which may be issued in
connection with the convertible line of credit, is subject to approval of the
New York Stock Exchange and the Toronto Stock Exchange, on which the common
stock of Amax Gold Inc. is listed.
On March 2, 1994, Rockwell A. Schnabel, a director of Cyprus Amax
Minerals Company was elected to the Amax Gold Board of Directors.
Item 5. Interest in Securities of the Issuer.
Item 5 is amended by the addition of the following:
(a), (b), (d) After giving effect to dividend reinvestment programs,
Amax Coal Company holds 31,313,707 shares of Common Stock of the Issuer,
representing approximately 40.1% of the outstanding shares of Common Stock of
the Issuer (based on 78,023,374 shares of Common Stock outstanding as of
September 30, 1993 as reported in the Issuer's Quarterly Report on Form 10-Q for
the quarter ended November 5, 1993).
(a), (c) On February 22, 1994, Milton H. Ward purchased 10,000 shares
and Gerald J. Malys purchased 2,000 shares of the Issuer, each at $6.75, in open
market transactions on the New York Stock Exchange. On March 7, 1994, Rockwell
A. Schnabel purchased 10,000 shares of the Issuer, at $6.875 in open market
transactions on the New York Stock Exchange. To the best of the knowledge of the
reporting persons, there have been no other transactions in the Common Stock
during the past 60 days by Cyprus Amax, Amax Energy Inc., Cyprus Amax Coal
Industries, Inc., or Amax Coal Company, or the persons listed on Schedule I
hereto.
(e) Not applicable.
<PAGE>
Page 7 of 20 pages
Item 7. Material to be Filed as Exhibits.
(1) Merger Agreement (Incorporated by reference to Exhibit 2.1.1 to
Registration Statement No. 33-50391 filed by Cyprus on September 24, 1993).
(2) Press Release dated February 15, 1994.
(3) Press Release dated March 2, 1994.
<PAGE>
Page 8 of 20 pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
the undersigned hereby certify that the information set forth on this amendment
is true, complete and correct.
CYPRUS AMAX MINERALS COMPANY
By: /s/ Philip C. Wolf
------------------------------
Name: Philip C. Wolf
Title: Senior Vice President,
General Counsel and
Secretary
AMAX ENERGY INC.
By: /s/ Philip C. Wolf
------------------------------
Name: Philip C. Wolf
Title: Senior Vice President,
General Counsel and
Secretary
CYPRUS AMAX COAL INDUSTRIES, INC.
By: /s/ Philip C. Wolf
------------------------------
Name: Philip C. Wolf
Title: Senior Vice President,
General Counsel and
Secretary
AMAX COAL COMPANY
By: /s/ Philip C. Wolf
------------------------------
Name: Philip C. Wolf
Title: Senior Vice President,
General Counsel and
Secretary
Dated: March 15, 1994
<PAGE>
Page 9 of 20 pages
SCHEDULE I
Name, Principal Occupation and Citizenship of Each
Director and Officer of Cyprus Amax
<TABLE>
<CAPTION>
Name and Principal
Business Address Occupation Citizenship/1/
- ---------------- ---------- --------------
<S> <C> <C>
Milton H. Ward Co-Chairman of
9100 East Mineral Circle the Board,
Englewood, Colorado Chief Executive
80112 Officer
and President
Allen Born Co-Chairman of
Alumax Inc. the Board
5655 Peachtree Parkway
Norcross, Georgia
30092-2812
Linda G. Alvarado President and
Alvarado Construction Inc. Chief Executive
1266 Santa Fe Drive Officer
P.O. Box 4366
Denver, Colorado
80204
George S. Ansell President
Colorado School of Mines
1500 Illinois Avenue
Golden, Colorado
80401
William C. Bousquette Chief Executive
TE Electronics Officer
200 Taylor Street
Suite 700
Fort Worth, Texas 76102
Calvin A. Campbell, Jr. President and
Goodman Equipment Chief
Corporation Executive Officer
5430 West 70th Place
Bedford Park, Illinois
60638
</TABLE>
_____________________________________
/1/Except as otherwise noted, each of the persons included in this Schedule is a
U.S. citizen.
<PAGE>
Page 10 of 20 pages
Name and Principal
Business Address Occupation Citizenship
- ---------------- ---------- -----------
Thomas V. Falkie President
Berwind Natural
Resources
1500 Market Street
3000 Centre Square West
Philadelphia, Pennsylvania
19102
Michael A. Morphy Independent
115 W. California Blvd. #403 Businessman
Pasadena, California
91105
Rockwell A. Schnabel Independent
Trident Capital, L.P. Businessman
355 S. Grand Avenue Suite 4295
Los Angeles, California
90071
James A. Todd, Jr. Chairman and
Birmingham Steel Chief Executive
Corporation Officer
300 Riverchase Galleria
Suite 1000
Birmingham, Alabama
35244
Billie B. Turner Chairman
IMC Fertilizer Group, Inc.
2100 Sanders Road
Northbrook, Illinois
60062
Ann Maynard Gray President
Diversified Publishing
Group
Capital Cities/ABC, Inc.
77 West 66th Street
16th Floor
New York, New York 10023
James C. Huntington, Jr. Independent
613 Twin Pine Road Businessman
Pittsburgh, Pennsylvania
15215
Theodore M. Solso Executive Vice
Cummins Engine Company President--
500 Jackson Street Operations
Columbia, Indiana
47201
<PAGE>
Page 11 of 20 pages
Name and Address Principal
Business Address Occupation Citizenship
- ---------------- ---------- -----------
John Hoyt Stookey Chairman and
Hansen Industries President
410 Park Avenue
New York, New York
10022
Gerald J. Malys Senior Vice
9100 East Mineral Circle President and
Englewood, Colorado Chief Financial
80112-3299 Officer
Donald P. Brown Senior Vice
9100 E. Mineral Circle President, Coal
Englewood, Colorado
80112-3299
Jeffrey G. Clevenger Senior Vice
1501 W. Fountainhead Pkwy., President, Copper
Suite 290
Tempe, Arizona 85282
80112-3299
David H. Watkins Senior Vice
9100 E. Mineral Circle President,
Englewood, Colorado Exploration
80112-3299
Philip C. Wolf Senior Vice
9100 E. Mineral Circle President,
Englewood, Colorado General Counsel
80112-3299 and Secretary
Francis J. Kane Vice President
9100 East Mineral Circle Investor
Englewood, Colorado Relations and
80112-3299 Treasurer
Gerard H. Peppard Vice President,
9100 East Mineral Circle Human Resources
Englewood, Colorado
80112-3299
John Taraba Vice President
9100 East Mineral Circle and Controller
Englewood, Colorado
80112-3299
Farokh S. Hakimi Assistant
9100 East Mineral Circle Treasurer
Englewood, Colorado
80112-3299
J. David Flemming Director of Tax
9100 East Mineral Circle
Englewood, Colorado
80112-3299
<PAGE>
Page 12 of 20 pages
Name, Principal Occupation and Citizenship of Each
Director and Officer of Cyprus Amax Coal Industries, Inc.
Name and Principal
Business Address Occupation Citizenship/1/
- ---------------- ---------- --------------
Gerald J. Malys Senior Vice
9100 East Mineral Circle President and
Englewood, Colorado Chief Financial
80112-3299 Officer of Cyprus
Amax Minerals
Company
Donald P. Brown Senior Vice
9100 East Mineral Circle President, Coal
Englewood, Colorado of Cyprus Amax
80112-3299 Minerals Company
Donald Hudson Senior Vice
9100 East Mineral Circle President,
Englewood, Colorado Eastern
80112-3299 Operations of
Cyprus Amax Coal
Company
Philip C. Wolf Senior Vice
9100 East Mineral Circle President,
Englewood, Colorado General Counsel
80112-3299 and Secretary of
Cyprus Amax
Minerals Company
J. Mark Cook Senior Vice
9100 East Mineral Circle President,
Englewood, Colorado Western
80112-3299 Operations of
Cyprus Amax Coal
Coal
Nicholas P. Moros Senior Vice
9100 East Mineral Circle President, Sales
Englewood, Colorado and Marketing of
80112-3299 Cyprus Amax Coal
Company
Chris L. Crowl Vice President,
9100 East Mineral Circle Safety and
Englewood, Colorado Government
80112-3299 Relations of
Cyprus Amax Coal
Company
- -------------------
/1/ Except as otherwise noted, each of the persons included in this Schedule is
a U.S. citizen.
<PAGE>
Page 13 of 20 pages
Name and Principal
Business Address Occupation Citizenship
- ---------------- ---------- -----------
Francis J. Kane Vice President,
9100 East Mineral Circle Investor
Englewood, Colorado Relations and
80112-3299 Treasurer of
Cyprus Amax
Minerals Company
Frank J. Wood Vice President
9100 East Mineral Circle and Controller of
Englewood, Colorado Cyprus Amax Coal
80112-3299 Company
Farokh S. Hakimi Assistant
9100 East Mineral Circle Treasurer of
Englewood, Colorado Cyprus Amax
80112-3299 Minerals Company
J. David Flemming Director of Tax
9100 East Mineral Circle of Cyprus Amax
Englewood, Colorado Minerals Company
80112-3299
Kathleen J. Gormley Attorney
9100 East Mineral Circle
Englewood, Colorado
80112-3299
Morris W. Kegley Attorney
9100 E. Mineral Circle
Englewood, Colorado
80112-3299
Michael R. Peelish Attorney
9100 East Mineral Circle
Englewood, Colorado
80112-3299
Greg A. Walker Attorney
9100 E. Mineral Circle
Englewood, Colorado
80112-3299
<PAGE>
Page 14 of 20 pages
Name, Principal Occupation and Citizenship of Each
Director and Officer of Amax Coal Company
Name and Principal
Business Address Occupation Citizenship
- ---------------- ---------- -----------
Gerald J. Malys Senior Vice
9100 East Mineral Circle President and
Englewood, Colorado Chief Financial
80112-3299 Officer of Cyprus
Amax Minerals
Company
Donald P. Brown Senior Vice
9100 East Mineral Circle President, Coal
Englewood, Colorado of Cyprus Amax
80112-3299 Minerals Company
Donald Hudson Senior Vice
9100 East Mineral Circle President,
Englewood, Colorado Eastern
80112-3299 Operations of
Cyprus Amax Coal
Company
Philip C. Wolf Senior Vice
9100 East Mineral Circle President,
Englewood, Colorado General Counsel
80112-3299 and Secretary of
Cyprus Amax
Minerals Company
Nicholas P. Moros Senior Vice
9100 East Mineral Circle President, Sales
Englewood, Colorado and Marketing of
80112-3299 Cyprus Amax Coal
Company
Chris L. Crowl Vice President,
9100 East Mineral Circle Safety and
Englewood, Colorado Government
80112-3299 Relations of
Cyprus Amax Coal
Company
E. Wayne Parke Vice President,
One Riverfront Place Midwest
20 Northwest First Street Operations
Evansville, Indiana 47708
D. J. Drabant Vice President,
400 Techne Center Drive Eastern Sales and
Suite 320 Marketing of
Milford, Ohio Cyprus Amax Coal
45150 Sales Corporation
<PAGE>
Page 15 of 20 pages
Name and Principal
Business Address Occupation Citizenship
- ---------------- ---------- -----------
Francis J. Kane Vice President,
9100 East Mineral Circle Investor
Englewood, Colorado Relations and
80112-3299 Treasurer of
Cyprus Amax
Minerals Company
Frank J. Wood Vice President
9100 East Mineral Circle and Controller of
Englewood, Colorado Cyprus Amax Coal
80112-3299 Company
Thomas A. McKeever President of Amax
200 Westlake Park Blvd. Energy, Inc.
Houston, Texas 77079
Wayne E. Gresham Vice President
200 Westlake Park Blvd. and Assistant
Houston, Texas 77079 Secretary of Amax
Energy Inc.
Farokh S. Hakimi Assistant
9100 East Mineral Circle Treasurer of
Englewood, Colorado Cyprus Amax
80112-3299 Minerals Company
J. David Flemming Director of Tax
9100 East Mineral Circle of Cyprus Amax
Englewood, Colorado Minerals Company
80112-3299
Kathleen J. Gormley Attorney
9100 East Mineral Circle
Englewood, Colorado
80112-3299
Morris W. Kegley Attorney
9100 E. Mineral Circle
Englewood, Colorado
80112-3299
Michael R. Peelish Attorney
9100 East Mineral Circle
Englewood, Colorado
80112-3299
Greg A. Walker Attorney
9100 E. Mineral Circle
Englewood, Colorado
80112-3299
<PAGE>
Page 16 of 20 pages
Name, Principal Occupation and Citizenship of
Each Director and Officer of Amax Energy Inc.
Name and Principal
Business Address Occupation Citizenship/1/
- ---------------- ---------- --------------
Gerald J. Malys Senior Vice
9100 East Mineral Circle President and
Englewood, Colorado Chief Financial
80112-3299 Officer of
Cyprus Amax
Minerals Company
Thomas A. McKeever President
200 Westlake Park Blvd.
Houston, Texas 77079
Philip C. Wolf Senior Vice
9100 East Mineral Circle President,
Englewood, Colorado General Counsel
80112-3299 and Secretary of
Cyprus Amax
Minerals Company
William G. Hargett Vice President
200 Westlake Park Blvd.
Houston, Texas 77079
Francis J. Kane Vice President,
9100 East Mineral Circle Investor
Englewood, Colorado Relations and
80112-3299 Treasurer of
Cyprus Amax
Minerals Company
John Taraba Vice President
9100 East Mineral Circle and Controller of
Englewood, Colorado Cyprus Amax
80112-3299 Minerals Company
Wayne E. Gresham Vice President
200 Westlake Park Blvd. and Assistant
Houston, Texas 77079 Secretary
J. David Flemming Director of Tax
9100 East Mineral Circle of Cyprus Amax
Englewood, Colorado Minerals Company
80112-3299
Kathleen J. Gormley Attorney
9100 East Mineral Circle
Englewood, Colorado
80112-3299
- -------------------
/1/ Except as otherwise noted, each of the persons included in this Schedule is
a U.S. citizen.
<PAGE>
Page 17 of 20 pages
EXHIBIT INDEX
Page Number
-----------
(1) Merger Agreement (Incorporated by reference to Exhibit 2.1.1
to Registration Statement No. 33-50391 filed by Cyprus on
September 24, 1993)
(2) Press Release dated February 15, 1994 18
(3) Press Release dated March 2, 1994 20
<PAGE>
Page 18 of 20 pages
FOR IMMEDIATE RELEASE: February 15, 1994
CONTACT: Mark Lettes
(303) 643-5522
GOLDEN, COLORADO: AMAX GOLD INC. (NYSE:AU;TSE:AXG) announced today the signing
of a commitment letter under which Cyprus Amax Minerals Company will make
available to Amax Gold a $100 million line of credit, a portion of which will
replace current Cyprus Amax Minerals guarantees for existing Amax Gold debt.
The financing arrangement will make available to Amax Gold $100 million in
revolving credits. The outstanding indebtedness under the line of credit may be
repaid by Amax Gold with the issuance of an Amax Gold convertible preferred
stock, which in turn can be converted into Amax Gold common stock at $8.265 per
share which represents a 20% premium to the average closing price of the ten
days immediately prior to February 11, 1994, the date of the commitment letter.
Both companies will have conversion rights that will enable either party to
convert the line of credit into Amax Gold common at a maximum price of $8.265
per share and a minimum price of $5.854 per share.
The financing agreement represents an important step in Amax Gold's overall plan
to strenghten its financial structure and reposition itself to take full
advantage of its long-term growth potential.
Also, the Amax Gold Board of Directors has approved the purchase by Cyprus Amax
of three million shares of Amax Gold common stock at a price of $6.888 to repay
approximately $20.7 million of Amax Gold indebtedness to Cyprus Amax. This
action will improve Amax Gold's debt/capital ratio and reduce on-going interest
expenses. As a result of this share purchase, Cyprus Amax's ownership of Amax
Gold's outstanding shares will increase to approximately 42%. The potential
conversion of the line of credit to common stock would increase Cyprus Amax's
ownership of Amax Gold's outstanding shares to slightly under 50%. Listing of
these additional shares and the common stock, which may be issued in connection
with the convertible line of credit, is subject to approval of the New York
Stock
<PAGE>
Page 19 of 20 pages
Exchange and The Toronto Stock Exchange, on which the common stock of Amax Gold
Inc. is listed.
Amax Gold Inc. produces and explores for gold in the United States and Chile and
currently is 40% owned by Cyprus Amax Minerals Company. Amax Gold is listed on
the New York and Toronto stock exchanges, and Amax Gold warrants trade on the
American Stock Exchange under the symbol AUWT and on the Toronto Stock Exchange
under the symbol AXGWT.
<PAGE>
Page 20 of 20 pages
FOR IMMEDIATE RELEASE: March 2, 1994
CONTACT: Mark Lettes
(303) 643-5522
AMAX GOLD ELECTS ROCKWELL A. SCHNABEL TO BOARD
ENGLEWOOD, COLORADO: AMAX GOLD INC. (NYSE:AU;TSE:AXG) today announced the
election of Rockwell A. Schnabel to the Amax Gold Board of Directors.
Ambassador Schnabel is the former Deputy Secretary of the United States
Department of Commerce.
Ambassador Schnabel served as Deputy Commerce Secretary in 1991 and 1992; Acting
Secretary of Commerce from December 1991 to March 1992; and Under Secretary of
Commerce in 1989 and 1990. Prior to that he served as the United States
Ambassador to the Republic of Finland from 1986 to 1989. Ambassador Schnabel
was with Bateman Eichler, Hill Richards, Inc. (investment bankers--member
NYSE) 1965 to 1983, serving as its President from 1980 to 1983.
Ambassador Schnabel was elected to the Cyprus Amax Minerals Company Board in
1993. He attended Trinity College in The Netherlands. He is currently
Co-Chairman of Trident Capital, Inc., in Los Angeles, California.
Amax Gold Inc. produces and explores for gold in the United States and Chile and
currently is 40% owned by Cyprus Amax Minerals Company. Amax Gold is listed on
the New York and Toronto stock exchanges, and Amax Gold warrants trade on the
American Stock Exchange under the symbol AUWT and on the Toronto Stock Exchange
under the symbol AXGWT.
# # # #
