Dickenson reschedules gold loan

Toronto-based Dickenson Mines (TSE) says the lender of its 61,200 oz. gold loan has agreed to reschedule the loan repayment to six equal semi-annual instalments beginning Jan. 15, 1993.

Dickenson says the restructuring was arranged to facilitate the expected retraction this September of the company’s $22.9-million, 8.5% convertible subordinated debentures. The company expects to repay the debentures from existing cash and internally generated cash flow.

Under the original repayment schedule, Dickenson was required to repay the gold loan in eight equal semi-annual instalments beginning Jan. 15, 1992. The loan is secured by 6.8 million shares of Wharf Resources (TSE). While year-end results aren’t yet available, Dickenson’s Red Lake, Ont., gold mine was scheduled to produce 75,500 oz. in 1991, down slightly from 76,644 oz. in 1990.

Dickenson’s A shares, which traded recently at $4.75 in a 52-week range of $5.13 and $2.55, are scheduled to be removed from The Toronto Stock Exchange’s composite 300 index in February. The B shares trade at $4.65 in a range of $4.70-2.50.

However, when contacted by The Northern Miner, Chief Financial Officer Rolando Francisco said he hadn’t received official notification from the TSE.

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