ECHO BAY EXTENDS ODDLOT SHAREHOLDER PROGRAM
ECHO BAY EXTENDS ODDLOT SHAREHOLDER PROGRAM EDMONTON, Alberta, Nov. 22 /PRNewswire/ -- Echo Bay Mines Ltd.
(AMEX: ECO) announced that it is extending to Dec. 20 its previously announced program under which shareholders owning "oddlots" of its common stock (fewer shares than a round lot of 100 shares) may either sell their shares or purchase additional shares to increase their holdings to 100 shares, free of any brokerage or administrative costs.
All shareholders who owned fewer than 100 shares as of the close of business on Oct. 18 are eligible to participate, including those owners whose shares are held by brokers or other nominees. As previously announced, oddlot shareholders in Canada who sell their shares receive the market price in Canadian dollars when their shares are sold on the Toronto Stock Exchange by Montreal Trust Company of Canada, the Canadian depositary for the program. No sales commission or any other fee is charged. Oddlot shareholders in the U.S., Europe and elsewhere are paid the market price in U.S. dollars when their shares are sold on the American Stock Exchange by the U.S. depositary, Disston Associates Inc., again without commission or fees. For shareholders who elect to increase their holdings to 100 shares, a deposit is required based on the number of shares to be purchased. By reducing the large number of oddlot shareholders, Echo Bay will save the ongoing administrative costs of servicing these small accounts. Echo Bay is one of the largest gold producers in North America. The company's shares are traded principally on the Toronto and American stock exchanges and on other major exchanges in North America and Europe. -0- 11/22/91 /CONTACT: Paddy Broughton, 303-592-8048 or Ted Sheldon, 303-592-8049, both of Echo Bay Mines/ (ECO) CO: Echo Bay Mines Ltd. ST: Colorado IN: MNG SU: SRP BB -- DV003 -- 6339 11/22/91 11:31 EST
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|Date:||Nov 22, 1991|
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