2009-11-24 14:53:05 -
London, November , 24, 2009
Corporate news announcement processed and transmitted by Hugin AS.
The issuer is solely responsible for the content of this
announcement.
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Press Release - November 24, 2009
Results from Bondholders' Meetings
LONDON, United Kingdom: Reference is made to the announcements of
Crew Gold Corporation ("Crew" or "the Company") (TSX, OSE: CRU) on
October 28, 2009 and November 16, 2009 regarding the proposed
debt-for-equity restructuring (the "Restructuring").
Bondholders' meetings to consider the Restructuring were held today,
November 24, 2009, in the following bonds:
- 9.50 per cent Crew Gold Corporation Unsecured Bond Issue with
Call Option 2004/2009 (ISIN NO 001 024380.1)
- 6.00 per cent Crew Gold Corporation Senior Unsecured
Convertible Bond Issue 2005/2010 (ISIN NO 001 029393.9)
- 5.406 per cent Crew Gold Corporation Senior Unsecured
Convertible Bond Issue 2009/2010 (ISIN NO 001 049555.9)
- Crew Gold Corporation Senior Secured Bond Issue 2006/2011
with call option (ISIN NO 001 030731.7)
The Company is pleased to announce that the bondholders' meetings in
the said bond issues have approved the proposed Restructuring.
Completion of the Restructuring is subject to the satisfaction or
waiver of a number of conditions, including: (i) the approval of the
Restructuring by Intex Resources ASA or the adoption of a plan of
arrangement or other statutory procedure under Canadian or Yukon
Territory law that would accomplish the Restructuring; (ii) the
resignation of two of the current five members of the Company's Board
of Directors and appointment of Robert Byford, Mitchell Gropper and
Gordon Lawson as directors; (iii) receipt of all required regulatory
approvals, including the approval of the Toronto Stock Exchange and
Oslo Børs; and; (iv) completion of the Restructuring occurring no
later than January 31, 2010.
William LeClair
CEO
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 forwardlooking 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.
hugin.info/90/R/1356928/329930.pdf
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Crew Gold Corporation
Abbey House, Wellington Way, Weybridge Surrey
United Kingdom
WKN: 226534105 ; ISIN: CA2265344028;
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