Lake Shore Gold Corp. Announces an Increase to the Previously Announced Offering of Convertible Senior Unsecured Debentures t...
17 Agosto 2012 - 4:42PM
Marketwired
Lake Shore Gold Corp. ("Lake Shore" or the "Company")(TSX:LSG)(NYSE
MKT:LSG)(NYSE Amex:LSG) announced that it has increased the size of
its previously announced public offering, on a "bought deal" basis,
to C$90 million principal amount of convertible senior unsecured
debentures, at a price of C$1,000 per debenture, with an interest
rate of 6.25% per annum, payable semi-annually on the last day of
March and September commencing on March 31, 2013 (the
"Debentures"). The Debentures will mature on September 30, 2017.
The transaction was upsized from the original amount of C$75
million.
The Debentures will be convertible at the holder's option into
common shares of the Company at a conversion price of C$1.40 per
common share. The debentures will not be redeemable prior to
September 30, 2015. On and after September 30, 2015 and prior to
maturity, the Debentures may be redeemed in whole or in part from
time to time at the Company's option, at a price equal to their
principal amount plus accrued and unpaid interest, provided that
the volume weighted average trading price of the common shares on
the Toronto Stock Exchange for the 20 consecutive trading days
preceding the date on which the notice of redemption is given is
not less than 130% of the conversion price.
The securities are being offered outside the United States in
accordance with Regulation S and to U.S. persons in accordance with
Rule 144A under the United States Securities Act of 1933, as
amended.
The net proceeds from the offering will be used to repay and
extinguish the Company's US$50 million three-year corporate
revolving facility and for general corporate purposes.
The securities have not been and will not be registered under
the United States Securities Act of 1933, as amended (the
"Securities Act"), and may not be offered or sold in the United
States absent registration or an applicable exemption from
registration. This release is being issued in accordance with Rule
135c under the Securities Act.
About Lake Shore Gold
Lake Shore Gold is a gold mining company that is in production
and pursuing rapid growth through the successful exploration,
development and operation of three wholly owned, multi-million
ounce gold complexes in the Timmins Gold Camp. The Company is in
commercial production at both the Timmins West and Bell Creek
mines, with material being delivered for processing to the Bell
Creek Mill. The Company continues to have an active drilling
program aimed at supporting current operations and evaluating
high-priority exploration targets around the Timmins Camp. The
Company's common shares trade on the TSX and NYSE MKT under the
symbol LSG.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release relating to the
Company's expected production levels, production growth,
exploration activities, potential for increasing resources, project
expenditures and business plans are "forward-looking statements" or
"forward-looking information" within the meaning of certain
securities laws, including under the provisions of Canadian
provincial securities laws and under the United States Private
Securities Litigation Reform Act of 1995 and are referred to herein
as "forward-looking statements." The Company does not intend, and
does not assume any obligation, to update these forward-looking
statements. These forward-looking statements represent management's
best judgment based on current facts and assumptions that
management considers reasonable, including that operating and
capital plans will not be disrupted by issues such as mechanical
failure, unavailability of parts, labour disturbances, interruption
in transportation or utilities, or adverse weather conditions, that
there are no material unanticipated variations in budgeted costs,
that contractors will complete projects according to schedule, and
that actual mineralization on properties will be consistent with
models and will not be less than identified mineral reserves. The
Company makes no representation that reasonable business people in
possession of the same information would reach the same
conclusions. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. In particular, delays in development or mining and
fluctuations in the price of gold or in currency markets could
prevent the Company from achieving its targets. Readers should not
place undue reliance on forward-looking statements. More
information about risks and uncertainties affecting the Company and
its business is available in the Company's most recent Annual
Information Form and other regulatory filings with the Canadian
Securities Administrators, which are posted on sedar at
www.sedar.com, or the Company's most recent Annual Report on Form
40-F and other regulatory filings with the Securities and Exchange
Commission.
Contacts: Lake Shore Gold Corp. Tony Makuch President & CEO
(416) 703-6298info@lsgold.com Lake Shore Gold Corp. Mark Utting
Vice-President, Investor Relations (416) 703-6298info@lsgold.com
www.lsgold.com
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