Results from Bondholders' Meetings
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ Press Release - September 1, 2009 Results from Bondholders' MeetingsLONDON, United Kingdom: Reference is made to the announcement of CrewGold Corporation ("Crew" or "the Company") (TSX: CRU) (OSE: CRU) ofAugust 17, 2009 regarding the initiatives taken by the Company tostrengthen its balance sheet, including the proposed conversion intocommon shares of approximately US$148 million principal amount ofbonds issued by Crew and a Rights Offering with proceeds ranging fromNOK 65 million to NOK 90 million (collectively, the "Restructuring").Bondholders' meetings to consider the Restructuring were today,September 1, 2009, held in the following bond issues:-- 9.50 percent Crew Gold Corporation Unsecured Bond Issue withCall Option 2004/2009 (ISIN NO 001024380.1) (the "Unsecured Bonds")- 6.00 percent Crew Gold Corporation Senior UnsecuredConvertible Bond Issue 2005/2010 (ISIN NO 001029393.9) (the "USDConvertible Bonds")- 5.406 percent Crew Gold Corporation Senior UnsecuredConvertible Bond Issue 2009/2010 (ISIN NO 001049555.9) (the "NOKConvertible Bonds")- Crew Gold Corporation Senior Secured Bond Issue 2006/2010with call option (ISIN NO 001030731.7) (the "Senior Secured Bonds")The bondholders' meetings in the USD Convertible Bonds, the NOKConvertible Bonds and the Senior Secured Bonds approved the proposedRestructuring, but the bondholders' meeting in the Unsecured Bondsrejected the Restructuring. Since the approval by the bondholders'meetings in all said bond issues is a condition for the completion ofthe Restructuring, the Company cannot proceed with the Restructuringunless and until the bondholders' in the Unsecured Bonds were toapprove the Restructuring at a reconvened bondholders' meeting intime for the Restructuring to be completed by 26 October 2009.The Company intends to continue to explore structural and strategicalternatives to rescue value from the Company's LEFA project for allstakeholders, including whether to request a bondholders' meeting inthe Unsecured Bonds to be convened to reconsider the Restructuring.William LeClairInterim CEOSafe Harbour StatementCertain statements contained herein that are not statements ofhistorical fact may constitute forward-looking statements and aremade pursuant to applicable and relevant national legislation(including the Safe-Harbour provisions of the United States PrivateSecurities Litigation Reform Act of 1995) in countries where Crew isconducting business and/or investor relations. Forward-lookingstatements include, without limitation, those with respect to (1) thecompletion of the Restructuring, (2) the process, terms and timing ofthe Restructuring, (3) the intended use of the proceeds of the RightsOffering, (4) the expected actions of third parties named in thispress release, (5) the expected impact of the Restructuring on Crew'scapital structure and (6) the expected benefits of the Restructuring.The words "expect", "anticipate", "will", "believe" and "may", andother similar expressions, are often used to identify forward-lookingstatements.Forward-looking statements involve known and unknown risks,uncertainties and other factors that could cause actual events orresults to be materially different from the events or resultsexpressed or implied by such forward-looking statements. Inevaluating these statements, prospective purchasers shouldspecifically consider various factors that may cause actual events orresults to be materially different from the events or resultsexpressed or implied by such forward-looking statements. Risk factorsthat could impact the Restructuring or the expected benefits of theRestructuring include, without limitation, (1) the actual results ofcurrent exploration activities, (2) conclusions of economicevaluations, (3) changes in project parameters as plans continue tobe refined, (4) possible variations in grade and ore densities orrecovery rates, (5) failure of plant, equipment or processes tooperate as anticipated, (6) accidents, labour disputes and otherrisks of the mining industry, (7) delays in obtaining governmentapprovals or financing or in completion of development orconstruction activities and (8) risks and uncertainties existing inworld capital markets generally. Although Crew has attempted toidentify important factors that could cause actual events or resultsto differ from those described in forward-looking statementscontained herein, there can be no assurance that the forward-lookingstatements will prove to be accurate as actual events or resultscould differ materially from those anticipated in such statements.The material factors and assumptions used to develop forward-lookingstatements include, without limitation, (1) there being nosignificant disruptions affecting operations, whether due to labourdisruptions, supply disruptions, damage to equipment or otherwise,(2) continued development, operation and production at LEFA and Macoconsistent with our current expectations, (3) foreign exchange ratesamong the currencies that Crew does business in being approximatelyconsistent with current levels, (4) certain price assumptions forgold, (5) prices for electricity, fuel oil and other key suppliesremaining consistent with current levels, (6) production forecastsmeeting expectations, (7) the accuracy of our current mineral reserveand mineral resource estimates and (8) materials and labour costsincreasing on a basis consistent with our expectations.Except as may be required by applicable law or stock exchangeregulation, the Company undertakes no obligation to update publiclyor release any revisions to these forward-looking statements toreflect events or circumstances after the date of this document or toreflect the occurrence of unanticipated events. Accordingly, readersshould not place undue reliance on forward-looking statements.http://hugin.info/90/R/1338759/319524.pdf --- End of Message ---Crew Gold CorporationAbbey House, Wellington Way, Weybridge Surrey United KingdomWKN: 226534105 ; ISIN: CA2265344028; ;
Datum: 01.09.2009 - 16:45 Uhr
Sprache: Deutsch
News-ID 5354
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