Crew Gold Corporation Announces Closing of Debt Restructuring
(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 - December 4, 2009 Crew Gold Corporation Announces Closing of Debt RestructuringLONDON, United Kingdom: ("Crew" or "the Company") (TSX, OSE: CRU)Crew Gold Corporation today announced that the conditions to its debtrestructuring proposal (the "Restructuring") have been satisfied andthe Company has issued approximately 2.03 billion shares to the loantrustee for the account of the Restructuring participants. The lastcondition to the Restructuring was satisfied today upon theassignment by Intex Resources ASA of its indebtedness to a thirdparty who approved the Restructuring.The new common shares and bonds issued will be credited to theaccounts of the Restructuring participants on or about December 11,2009. As a result of the Restructuring, the Company will haveapproximately 2.14 billion shares issued and outstanding andapproximately $108 million in long term debt. Further details of theRestructuring, all of which has been previously announced, may befound on the Company's website.In conjunction with the Restructuring, William LeClair and EmilMorfett have agreed to step down from the Board and Bob Byford,Mitchell Gropper and Gordon Lawson have been appointed as Directorsof the Company to join Cameron Belsher, Richard Robinson and SimonRussell. William LeClair continues as the Chief Executive Officer ofthe Company. The Company wishes to thank Messrs. LeClair and Morfettfor their contributions as Directors of the Company.The new common shares issued as part of the Restructuring are beingregistered under a separate ISIN. Upon the publication by theCompany of a listing prospectus, the new common shares will becometradable on Oslo Børs. The new common shares issued as part of theRestructuring may not be sold, transferred, hypothecated or otherwisetraded through the facilities of the Toronto Stock Exchange orotherwise in Canada or to or for the benefit of a Canadian residentfor a period of four months plus one day from date of issue.Immediately after the restricted period has lapsed, such new shareswill be registered under the same ISIN as the existing shares of theCompany.William LeClair, Chief Executive Officer stated: "I wish to thankthe many stakeholders who have supported Crew during theimplementation of the Restructuring proposal. I am confident thatwith our improved financial strength and liquidity, the Company iswell positioned to address its operational challenges and createvalue for our stakeholders."William LeClairChief Executive OfficerSafe 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. The words "expect","anticipate", "will", "believe" and "may", and other similarexpressions, are often used to identify forward-looking statements.Forward-looking statements included herein relate, but are notlimited to, statements regarding (1) the completion of the proposedRestructuring, (2) the expected impact of the Restructuring, (3) theresults of the resource and reserve reviewing currently underway atthe LEFA gold mine, and (4) expected shareholdings followingcompletion of the Restructuring.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 Company include, without limitation, risksrelating to (1) receipt of all necessary approvals of theRestructuring, (2) the actions of bondholders in enforcing theexisting terms of the bonds, (3) production levels at the LEFA goldmine. Although Crew has attempted to identify important factors thatcould cause actual events or results to differ from those describedin forward-looking statements contained herein, there can be noassurance that the forward-looking statements will prove to beaccurate as actual events or results could differ materially fromthose 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 LEFAconsistent 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, and (7) materials and labour costs increasingon 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/1359396/331337.pdf --- End of Message ---Crew Gold CorporationAbbey House, Wellington Way, Weybridge Surrey United KingdomWKN: 226534105 ; ISIN: CA2265344028; ;
Datum: 04.12.2009 - 20:47 Uhr
Sprache: Deutsch
News-ID 9318
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 467 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Crew Gold Corporation Announces Closing of Debt Restructuring"
steht unter der journalistisch-redaktionellen Verantwortung von
Crew Gold Corporation (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
