Crew Gold Corporation Announces Delivery of Shares under its Debt Restructuring
LONDON, United Kingdom: ("Crew" or "the Company") (TSX, OSE: CRU) Reference is
made to the Company's announcement regarding the closing of its debt
restructuring (the "Restructuring"). Crew Gold Corporation today announced that
the loan trustee today has credited the 2,031,528,184 common shares issued in
connection with the Restructuring to the accounts of the respective
bondholders.
Following the Restructuring, the Company has 2,138,450,720 common shares
outstanding and approximately $110 million in long term debt. Further details of
the Restructuring, all of which has been previously announced, may be found on
the Company's website.
The new common shares issued as part of the Restructuring have been registered
under a separate ISIN. Upon the publication by the Company of a listing
prospectus, the new common shares will become tradable on Oslo Børs. Until the
new common shares are admitted for trading on Oslo Børs, they can be traded on
an over-the-counter basis. The publication by the Company of the listing
prospectus is expected to occur on or about December 28, 2009.
The new common shares issued as part of the Restructuring may not be sold,
transferred, hypothecated or otherwise traded through the facilities of the
Toronto Stock Exchange or otherwise in Canada or to or for the benefit of a
Canadian resident for a period of four months plus one day from date of issue.
Immediately after the restricted period has lapsed, such new shares will be
registered under the same ISIN as the existing shares of the Company.
William LeClair
Chief Executive Officer
Safe Harbour Statement
Certain statements contained herein that are not statements of historical fact
may constitute forward-looking statements and are made pursuant to applicable
and relevant national legislation (including the Safe-Harbour provisions of the
United States Private Securities Litigation Reform Act of 1995) in countries
where Crew is conducting business and/or investor relations. The words ?expect?,
?anticipate?, ?will?, ?believe? and ?may?, and other similar expressions, are
often used to identify forward-looking statements. Forward-looking statements
included herein relate, but are not limited to, statements regarding (1) the
completion of the proposed Restructuring, (2) the expected impact of the
Restructuring, (3) the results of the resource and reserve reviewing currently
underway at the LEFA gold mine, and (4) expected shareholdings following
completion of the Restructuring.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors that could cause actual events or results to be materially
different from the events or results expressed or implied by such
forward-looking statements. In evaluating these statements, prospective
purchasers should specifically consider various factors that may cause actual
events or results to be materially different from the events or results
expressed or implied by such forward-looking statements. Risk factors that could
impact the Company include, without limitation, risks relating to (1) receipt of
all necessary approvals of the Restructuring, (2) the actions of bondholders in
enforcing the existing terms of the bonds, (3) production levels at the LEFA
gold mine. Although Crew has attempted to identify important factors that could
cause actual events or results to differ from those described in forward-looking
statements contained herein, there can be no assurance that the forward-looking
statements will prove to be accurate as actual events or results could differ
materially from those anticipated in such statements.
The material factors and assumptions used to develop forward-looking statements
include, without limitation, (1) there being no significant disruptions
affecting operations, whether due to labour disruptions, supply disruptions,
damage to equipment or otherwise, (2) continued development, operation and
production at LEFA consistent with our current expectations, (3) foreign
exchange rates among the currencies that Crew does business in being
approximately consistent with current levels, (4) certain price assumptions for
gold, (5) prices for electricity, fuel oil and other key supplies remaining
consistent with current levels, (6) production forecasts meeting expectations,
and (7) materials and labour costs increasing on a basis consistent with our
expectations.
Except as may be required by applicable law or stock exchange regulation, the
Company undertakes no obligation to update publicly or release any revisions to
these forward-looking statements to reflect events or circumstances after the
date of this document or to reflect the occurrence of unanticipated events.
Accordingly, readers should not place undue reliance on forward-looking
statements.
[HUG#1366188]
