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ECHO BAY SELLS 5.0 MILLION CONVERTIBLE PREFERRED SHARES

 ECHO BAY SELLS 5.0 MILLION CONVERTIBLE PREFERRED SHARES
 EDMONTON, Alberta, July 21 /PRNewswire/ -- Echo Bay Mines Ltd. (AMEX: ECO) announced today that its public offering of convertible preferred shares has been declared effective by the U.S. Securities and Exchange Commission, and a final prospectus for the offering is being filed with the Canadian securities regulatory authorities.
 The issue consists of 5.0 million perpetual preferred shares of Echo Bay Finance Corp., a new Delaware corporation wholly owned by Echo Bay Mines Ltd. The cumulative convertible preferred shares are being offered to the public at US$25 per share. Each share is convertible into 2.985 common shares of the parent Echo Bay Mines Ltd. Annual cumulative dividends of US$1.75 per share are payable quarterly on the preferred shares. The shares are non-callable for three years.
 The proceeds will be used for debt repayment and general corporate purposes.
 Of the 5.0 million shares, 4.0 million are being offered for sale in the United States and elsewhere outside Canada by Goldman, Sachs & Co. and The First Boston Corp., and 1.0 million shares are being offered in Canada and elsewhere outside the United States by Wood Gundy Inc. and Burns Fry Limited.
 The preferred shares of Echo Bay Finance Corp. will trade on the American and Toronto stock exchanges under the symbol EBI.
 Echo Bay Mines Ltd. is one of the largest gold producers in North America. The company's shares are traded under the symbol ECO, principally on the American and Toronto stock exchanges and on other major exchanges in North America and Europe.
 -0- 7/21/92
 /CONTACT: Paddy Broughton, 303-592-8048 or Ted Sheldon, 303-592-8049, both of Echo Bay Mines/
 (ECO) CO: Echo Bay Mines Ltd.; Echo Bay Finance Corp. ST: Colorado IN: MNG SU:


BB-MC -- DV001 -- 1132 07/21/92 09:04 EDT
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Publication:PR Newswire
Date:Jul 21, 1992
Words:309
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