Toronto, Ontario - Kinross Gold Corporation (TSX-K
and K.db; NYSE-KGC) ("Kinross") announced today that it has closed
the 20 million common share offering at a price of Cdn. $9.26 per
share. In addition, the underwriters syndicate, comprised of CIBC
World Markets Inc., Scotia Capital Inc. and RBC Dominion Securities
Inc., have exercised their option to purchase an additional 3
million common shares resulting in a total share issuance of 23
million common shares for gross proceeds of Cdn.$213 million. After
giving effect to the closing of the offering, the total number of
common shares outstanding is approximately 338.1 million.
The net proceeds from the offering will be used to redeem
Kinross' outstanding 5.5% convertible unsecured subordinated
debentures. The principal amount of the convertible debentures is
Cdn.$195.6 million.
Today, Kinross mailed the notice of the redemption for the
debentures giving 30 days' notice as required under the terms of
the debentures. On September 29, 2003, payment of the redemption
price, being the principal amount of the debentures, together with
accrued and unpaid interest on the principal amount of the
debentures of Cdn.$13.7123 for each Cdn.$1,000 principal amount of
debenture, will be made upon presentation and surrender of the
debentures.