Dayton Convertible Debenture Conversion Approved.VANCOUVER, British Columbia--(BUSINESS WIRE)--March 31, 1999-- Dayton Mining Corporation (AMEX AMEX See: American Stock Exchange :DAY) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :DAY) is pleased to advise that the debentureholders of Dayton today approved the redemption or conversion of all its US$69 million of unsecured convertible debentures into shares of Dayton. Shareholders, at a subsequent meeting approved the issuance of 310,500,000 new shares for this purpose. The Company expects that the Court order, issued by the Supreme Court of British Columbia The Supreme Court of British Columbia (SCBC) is the superior trial court for the Canadian province of British Columbia. The SCBC hears civil and criminal law cases as well as appeals from the Provincial Court of British Columbia. , approving the restructuring will be accepted for filing by the Registrar of Companies The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. tomorrow, thus enabling the capital restructuring to be completed. Accordingly, Dayton anticipates giving notice on April 1, 1999 to all holders of its debentures that each US$1,000 principal amount of debentures will be redeemed in exchange for 4,500 common shares on May 1, 1999. Debentureholders are entitled to convert their debentures into common shares at the same exchange ratio at any time prior to the time of redemption. Upon completion of the redemption or conversion of all of the debentures, Dayton will have approximately 351,356,779 common shares issued and outstanding. The proposed consolidation of Dayton's common shares on the basis of one new share for each ten old shares was not approved. Bill Myckatyn, President, CEO and Chairman of Dayton, states "This reorganization of Dayton's capital structure is the final step in positioning Dayton for future growth. With the Andacollo Gold Mine performing well, the agreement with our lenders on the project loan in place, and the simplified and clean balance sheet Clean Balance Sheet Refers to a company whose balance sheet has very little or no debt. Notes: A company is told to "clean up" its balance sheet if they are exposed to large amounts of debt. provided by this restructuring, Dayton is in a strong position to take advantage of strategic opportunities in this gold market and to increase shareholder value." Dayton Mining Corporation holds a 100% interest in the Andacollo Gold Mine located in central Chile, and trades on both the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. (AMEX) and Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (TSE) under the trading symbol DAY. Notice: The Company relies on litigation protection for "forward looking" statements. |
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