Crown Will Not Make Debenture Interest Payment.Business Editors DENVER--(BUSINESS WIRE)--Feb. 21, 2001 Crown Resources Corporation today announced that it will not make its next to last semi-annual interest payment on the US$15 million 5.75% Convertible Subordinated Debentures ("the Debentures") while it seeks additional financing. The next interest payment of $431,250 is due February 27, 2001. The Company will be in default under the terms of the Debentures if Crown is unable to make the interest payment by March 29, 2001. The last interest payment and principal is due August 27, 2001. Crown is seeking outside secured financing to make this interest payment, facilitate debenture restructuring, and maintain and enhance the assets of the Company for all its stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. . There can be no assurance that Crown will be able to secure this financing. Christopher E. Herald, President and Chief Executive Officer of Crown, stated: "After careful consideration of the options available to the Company at this time, the Board of Directors decided that this is the best course of action. We believe that restructuring the Debentures is necessary to achieve full valuations for all Crown stakeholders. We look forward to advancing these discussions with all the Debenture holders." Crown is a U.S. domiciled gold exploration company with properties in the U.S. Crown is traded on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under the trading symbol Trading symbol See: Ticker symbol CRRS CRRS Comprehensive Records Retention Schedule CRRS Combat Readiness Reporting System CRRS Comprehensive Risk Reduction Specialist and the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol CRO. The information set forth above includes "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created by those sections. Factors that could cause results to differ materially from those projected in the forward-looking statements include, but are not limited to, the timing of receipt of necessary governmental permits, the results of judicial proceedings judicial proceedings n. any action by a judge re: trials, hearings, petitions, or other matters formally before the court. (See: judicial) , the market price of gold, results of current exploration activities and other risk factors. |
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