Printer Friendly

MINVEN GOLD SEEKS NEW FINANCING

 DENVER, Feb. 19 /PRNewswire/ -- MinVen Gold Corp. (AMEX: MVG; Toronto; Vancouver) today announced that it is considering implementation of a corporate reorganization plan based upon its intention to seek new financing of at least U.S.$7.5 million, to be raised by means of a private placement of common shares, merger or other similar type of transaction. The principal characteristics of the reorganization plan would be the simplification of MinVen's present capital structure through settlement of various convertible notes payable having a face value of U.S.$14.8 million and the repayment of certain existing indebtedness of approximately U.S.$5.6 million from the proceeds of the new financing. The terms of the final reorganization plan will be determined following discussions with prospective investors or potential merger partners and holders of MinVen's outstanding indebtedness.
 Alan R. Bell, president and chief executive officer, stated that, "MinVen has considerable development potential in its well defined mineral inventory of approximately 2.8 million ounces of gold at its three mines. This potential, together with the company's ability to sustain annual gold production in excess of 62,000 ounces per year, provided such financing is obtained, results in an attractive gold-based investment opportunity."
 As planned, the company completed the mining of its remaining oxide reserve at Gilt Edge in January 1993. Gold recovery will continue from the heap leach pads for several more months. The 42,000 ton bulk test of the sulfide ore continues to give encouraging results with over 35 percent of the gold recovered to date.
 MinVen Gold is a publicly held, Denver-based mining company with interests in operating mines in the United States. Its shares are traded on the American, Toronto and Vancouver stock exchanges under the symbol MVG.
 -0- 2/19/93
 /CONTACT: Alan R. Bell or Robert R. Gilmore of MinVen Gold, 303-573-0221/
 (MVG)


CO: MinVen Gold Corp. ST: Colorado IN: MNG SU:

MC -- DV005 -- 8591 02/19/93 17:46 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 19, 1993
Words:327
Previous Article:WRC-TV AND WTOP RADIO ANNOUNCE NEWS GATHERING PARTNERSHIP
Next Article:U.S. SUGAR CALLS FOR SPECIAL PROSECUTOR TO PROBE U.S ATTORNEY'S OFFICE ROLE IN EVERGLADES LAWSUIT
Topics:


Related Articles
MINVEN ANNOUNCES 1992 FIRST QUARTER RESULTS (United States dollars)
MINVEN ANNOUNCES RESTRUCTURE OF DEBT OBLIGATIONS
MINVEN ANNOUNCES 1992 SECOND QUARTER RESULTS (UNITED STATES DOLLARS)
MINVEN ANNOUNCES 1992 THIRD QUARTER PROFIT
MINVEN GOLD ANNOUNCES 1992 FINANCIAL RESULTS (IN U.S. DOLLARS)
MINVEN GOLD ANNOUNCES FINAL PROPOSED REORGANIZATION PLAN
/C O R R E C T I O N -- MINVEN GOLD/
MINVEN ANNOUNCES 1993 FIRST QUARTER RESULTS (United States Dollars)
MINVEN GOLD RECEIVES SHAREHOLDER APPROVAL FOR ITS RESTRUCTURING AND PRIVATE PLACEMENT
MINVEN GOLD ANNOUNCES COMPLETION OF RESTRUCTURING, PRIVATE PLACEMENT AND NAME CHANGE TO DAKOTA MINING

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters