Business
Century Mining Reaches Agreement For Repurchase Of Long-term Debt And Announces Management Appointments
Century Mining Reaches Agreement For Repurchase Of Long-term Debt And Announces Management Appoin...
About this update from Cleghorn Minerals Ltd.
[{"type":"text","content":"\n\n\n\nNov. 30, 2009 (Canada NewsWire Group) -- Blaine, WA, Nov. 30 /CNW/ -- Century Mining Corporation (CMM: TSX-V) announced that it has reached agreement in principle with Investissement Quebec for the repurchase of the long-term note held by Investissement Quebec. In exchange for payment of $8,750,000 in cash and the issuance of 5,000,000 common shares in the Company, Investissement Quebec has agreed to discharge the Company from all obligations under the note and to release all of its security interests in the property of the Company. Funding for the transaction will come from the debt and equity financings recently announced by the Company which are scheduled to close in early December. Also from the closing of the debt and equity financings the Company's working capital gold facility with Gerald Metals will be paid out. After the closing, the Company's only long-term debt will be the $33 million prepaid gold forward facility.\"Over the last several weeks and months, we have methodically taken the right steps towards the reopening of the Lamaque underground project. The repurchase of the note from Investissement Quebec is another major step forward in our financing and development plans\" said Margaret Kent, President and CEO, Century Mining Inc.The Company also announced the following management appointments:Hugh W. Blakely, C.A., B.C. - is appointed to the position of Chief Financial Officer, effective November 18, 2009. Blakely was most recently Interim Chief Financial Officer of Canadian Royalties Inc. Previously, he held the position of Senior Vice-President and Chief Financial Officer of Heico's Canadian steel operations, operating under the name of Ivaco (formerly Ivaco Inc, a public company). During his tenure at Ivaco Inc, Mr. Blakely held a number of senior financial positions and worked in tandem with the Chief Restructuring Officer and Ivaco's financial advisors in managing the restructuring and sale of the businesses to Heico. He earned his Bachelor of Commerce from Concordia University and began his career with Coopers & Lybrand in Montreal and obtained his C.A. designation in 1974. Mr. Blakely is a solid professional with deep financial skills bringing over 30 years experience to Century.Richard B. Meschke, J.D., M.B.A., B.A. - is promoted from Chief Financial Officer to Vice President, Legal and Corporate ...