Toronto, Ontario - Kinross Gold Corporation (TSX-K;
NYSE-KGC) ("Kinross") will hold a special meeting of its
shareholders to approve an amendment to its articles to effect a
consolidation (reverse split) of its common shares on a 100:1 basis
and the immediate deconsolidation (split) of such shares on a 1:100
basis. If approved, the consolidation is scheduled to take place on
Sunday, November 28, 2004 and the deconsolidation will follow on
Monday, November 29, 2004 at 12:01 am. As a result, shareholders
holding less than 100 pre-consolidation shares will receive a cash
payment 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
re-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 reduce the large
number of shareholders who hold less than 100 shares, representing
approximately 41% of the total registered and beneficial holders or
0.52% 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 cost or commission and to eliminate the high
costs being incurred by the Company to maintain these
shareholdings.
The meeting will take place on Friday, November 26, 2004 at
10:00 am and will be held at the Design Exchange, 234 Bay Street,
Toronto, ON in the Patty Watt Room. Shareholders will receive
information by mail in the coming weeks outlining the details of
the consolidation / deconsolidation and any necessary steps that
they may be required to take.