40 King Street West, 52 Floor
Toronto, ON M5H 3Y2
Tel: 416 365 5123
Fax: 416 363 6622
Toll Free: 866-561-3636
nd
PRESS RELEASE
Kinross Shareholders Approve the Consolidation and Deconsolidation
of its Common Shares
November 26, 2004…Toronto, Ontario – Kinross Gold Corporation (TSX-K; NYSE-KGC)
(“Kinross”)
held a special meeting of its shareholders today at which they approved an amendment to
the Company’s articles to effect a consolidation (reverse split) of its common shares on a 100:1 basis,
followed by an immediate deconsolidation (split) of such shares on a 1:100 basis. The effective date
for the consolidation has changed and will now take place on Sunday, December 5, 2004 and the
deconsolidation will follow immediately on Monday, December 6, 2004 at 12:01 am. This is to allow
Kinross’ common shares to begin trading under its new CUSIP number which is necessary to effect this
transaction.
Shareholders holding less than 100 pre-consolidation shares will receive a cash payment of Cdn$9.71
or US$8.19 per share (equal to the weighted average trading price per share on the Toronto Stock
Exchange for the five trading days prior to November 26, 2004). Shareholders holding 100 or more
pre-consolidation shares will not be affected by the consolidation/deconsolidation other than to be
asked to tender their old share certificates for a new share certificate bearing the new CUSIP number.
The Company decided to undertake this program to eliminate the large number of shareholders who
hold less than 100 shares, representing approximately 41% of the total registered and beneficial
holders or approximately 0.5% of the total outstanding common shares, which mainly resulted from
previous business combinations. The effect of this proposal is to provide these shareholders with cash
representing the value of their holdings without incurring a commission cost. Non-Canadian
shareholders may be subject to a withholding tax.
Payments to shareholders with fewer than 100 shares who hold their shares beneficially through
securities dealers or who have already sent in their share certificates along with a Letter of Transmittal
will be made in the week following December 6, 2004. All shareholders with fewer than 100 shares
who hold their shares in certificate form must send their certificates along with a Letter of Transmittal
(and a Substitute Form W-9 for US shareholders) to Computershare Trust Company (“Computershare”)
by December 6, 2006 in order to receive payment. Those holding more than 100 shares are urged to
send in their certificates and Letter of Transmittal to Computershare, which will be exchanged for a
certificate with the new CUSIP number. Registered shareholders will receive a letter by mail indicating
the outcome of the meeting and details of the final payout.
A copy of the Letter of Transmittal and Substitute Form W-9 (for US shareholders only) can be found on
Kinross’ website at
www.kinross.com.
For additional information, e-mail
info@kinross.com
or contact:
Christopher T. Hill
Vice President
Investor Relations
Tel. (416) 365-7254
Tracey M. Thom
Manager
Investor Relations
Tel. (416) 365-1362
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40 King Street West, 52 Floor
Toronto, ON M5H 3Y2
Tel: 416 365 5123
Fax: 416 363 6622
Toll Free: 866-561-3636
nd
PRESS RELEASE
Kinross Shareholders Approve the Consolidation and Deconsolidation
of its Common Shares
November 26, 2004…Toronto, Ontario – Kinross Gold Corporation (TSX-K; NYSE-KGC)
(“Kinross”)
held a special meeting of its shareholders today at which they approved an amendment to
the Company’s articles to effect a consolidation (reverse split) of its common shares on a 100:1 basis,
followed by an immediate deconsolidation (split) of such shares on a 1:100 basis. The effective date
for the consolidation has changed and will now take place on Sunday, December 5, 2004 and the
deconsolidation will follow immediately on Monday, December 6, 2004 at 12:01 am. This is to allow
Kinross’ common shares to begin trading under its new CUSIP number which is necessary to effect this
transaction.
Shareholders holding less than 100 pre-consolidation shares will receive a cash payment of Cdn$9.71
or US$8.19 per share (equal to the weighted average trading price per share on the Toronto Stock
Exchange for the five trading days prior to November 26, 2004). Shareholders holding 100 or more
pre-consolidation shares will not be affected by the consolidation/deconsolidation other than to be
asked to tender their old share certificates for a new share certificate bearing the new CUSIP number.
The Company decided to undertake this program to eliminate the large number of shareholders who
hold less than 100 shares, representing approximately 41% of the total registered and beneficial
holders or approximately 0.5% of the total outstanding common shares, which mainly resulted from
previous business combinations. The effect of this proposal is to provide these shareholders with cash
representing the value of their holdings without incurring a commission cost. Non-Canadian
shareholders may be subject to a withholding tax.
Payments to shareholders with fewer than 100 shares who hold their shares beneficially through
securities dealers or who have already sent in their share certificates along with a Letter of Transmittal
will be made in the week following December 6, 2004. All shareholders with fewer than 100 shares
who hold their shares in certificate form must send their certificates along with a Letter of Transmittal
(and a Substitute Form W-9 for US shareholders) to Computershare Trust Company (“Computershare”)
by December 6, 2006 in order to receive payment. Those holding more than 100 shares are urged to
send in their certificates and Letter of Transmittal to Computershare, which will be exchanged for a
certificate with the new CUSIP number. Registered shareholders will receive a letter by mail indicating
the outcome of the meeting and details of the final payout.
A copy of the Letter of Transmittal and Substitute Form W-9 (for US shareholders only) can be found on
Kinross’ website at
www.kinross.com.
For additional information, e-mail
info@kinross.com
or contact:
Christopher T. Hill
Vice President
Investor Relations
Tel. (416) 365-7254
Tracey M. Thom
Manager
Investor Relations
Tel. (416) 365-1362