Post by Catdaddy on Mar 29, 2007 7:52:19 GMT -5
Crystallex Int'l loses $35.68-million (U.S.) in 2006
2007-03-29 08:11 ET - News Release
Mr. Gordon Thompson reports
CRYSTALLEX REPORTS 2006 YEAR END RESULTS
Crystallex International Corp. today recorded its financial results for the year ending Dec. 31, 2006. All dollar figures are in United States dollars, unless otherwise indicated.
Commenting on the company's progress, Gordon Thompson, president and chief executive officer of Crystallex, said: "Since taking the position as Crystallex president and chief executive officer in February, 2007, I have had several opportunities to meet with Venezuelan officials regarding our investments there and plans for Las Cristinas. Additionally, I have confirmed the final permit required for Las Cristinas is advancing through the Ministry of the Environment and Natural Resources (MARN), the final step in the process."
Several key objectives achieved during 2006 included:
converted $7.5-million of Standard Bank's (SBL) debt to equity. SBL's outstanding bank debt reduced to $3.2-million at year-end;
produced 47,345 ounces of gold at the Revemin plant;
successfully completed equity unit financing, private placement and early warrant exercise to improve the company's working capital;
launched infill and step-out drill program on Las Cristinas;
adopted new shareholder rights plan; and
received MIBAM (Ministry of Basic Industry and Mining) formal approval of all the technical, economic and financial aspects of the feasibility study for the Las Cristinas project.
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Crystallex Announces CDN$36 Million Bought Deal Financing
2007-03-29 08:33 ET - News Release
TORONTO, ONTARIO -- (MARKET WIRE) -- 03/29/07
Crystallex International Corporation (TSX: KRY)(AMEX: KRY)("Crystallex" or the "Company") announced today that it has entered into a bought deal agreement with a syndicate of underwriters (the "Underwriters"). Under the agreement, the syndicate will purchase 8,500,000 common shares ("Common Shares") of the Company at a price of CDN$4.25 per Common Share ("the Offering Price") for gross proceeds of CDN$36,125,000. The Company will grant the Underwriters an over-allotment option, to purchase an additional 1,275,000 Common Shares (CDN$5,418,750), exercisable at the Offering Price at any time until the 30th day following the Closing Date. The Company expects to file a Preliminary Short Form Prospectus with the applicable securities regulatory authorities on April 4th, 2007 to qualify the Common Shares for distribution.
Crystallex plans to use the net proceeds from the financing to develop the Las Cristinas Project, to repay a portion of existing indebtedness and for general corporate purposes.
The offering is subject to certain conditions including, but not limited to, the entering into by Crystallex and the underwriter of an underwriting agreement and the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the American Stock Exchange. The offering is expected to close on or about April 24th, 2007.
This press release is not an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements.
About Crystallex
Crystallex International Corporation is a Canadian based gold producer with significant operations and exploration properties in Venezuela. The Company's principal asset is the Las Cristinas property in Bolivar State that is currently under development and which is expected to commence commercial gold production in 2009 at an initial annualized rate of some 300,000 ounces at the initial planned production rate of 20,000 tonnes of ore per day. Other key assets include the Tomi Mine, certain Lo Increible properties and the Revemin Mill. Crystallex shares trade on the TSX (symbol: KRY) and Amex (symbol: KRY) Exchanges.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including: statements relating to the estimated reserves and resources at Las Cristinas; anticipated results of drilling programs, feasibility studies or other analyses; the potential to increase reserves and expand production, at Las Cristinas; Crystallex's projected construction and production schedule, and cost and production estimates, for Las Cristinas; and management's statements regarding its expectations regarding mining in Venezuela. Forward-looking statements are based on estimates and assumptions made by Crystallex in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Crystallex believes are appropriate in the circumstances. Many factors could cause Crystallex's actual results, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: gold price volatility; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated reserves, and between actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property. These factors and others that could affect Crystallex's forward-looking statements are discussed in greater detail in the section entitled "Risk Factors" in Crystallex's Annual Information Form (which is included in the Annual Report on Form 40-F that Crystallex files with the United States Securities and Exchange Commission (the "SEC") and elsewhere in documents filed from time to time with the Canadian provincial securities regulators, the SEC and other regulatory authorities. These factors should be considered carefully, and persons reviewing this press release should not place undue reliance on forward-looking statements. Crystallex has no intention and undertakes no obligation to update or revise any forward-looking statements in this press release, except as required by law.
2007-03-29 08:11 ET - News Release
Mr. Gordon Thompson reports
CRYSTALLEX REPORTS 2006 YEAR END RESULTS
Crystallex International Corp. today recorded its financial results for the year ending Dec. 31, 2006. All dollar figures are in United States dollars, unless otherwise indicated.
Commenting on the company's progress, Gordon Thompson, president and chief executive officer of Crystallex, said: "Since taking the position as Crystallex president and chief executive officer in February, 2007, I have had several opportunities to meet with Venezuelan officials regarding our investments there and plans for Las Cristinas. Additionally, I have confirmed the final permit required for Las Cristinas is advancing through the Ministry of the Environment and Natural Resources (MARN), the final step in the process."
Several key objectives achieved during 2006 included:
converted $7.5-million of Standard Bank's (SBL) debt to equity. SBL's outstanding bank debt reduced to $3.2-million at year-end;
produced 47,345 ounces of gold at the Revemin plant;
successfully completed equity unit financing, private placement and early warrant exercise to improve the company's working capital;
launched infill and step-out drill program on Las Cristinas;
adopted new shareholder rights plan; and
received MIBAM (Ministry of Basic Industry and Mining) formal approval of all the technical, economic and financial aspects of the feasibility study for the Las Cristinas project.
***********************************************************
Crystallex Announces CDN$36 Million Bought Deal Financing
2007-03-29 08:33 ET - News Release
TORONTO, ONTARIO -- (MARKET WIRE) -- 03/29/07
Crystallex International Corporation (TSX: KRY)(AMEX: KRY)("Crystallex" or the "Company") announced today that it has entered into a bought deal agreement with a syndicate of underwriters (the "Underwriters"). Under the agreement, the syndicate will purchase 8,500,000 common shares ("Common Shares") of the Company at a price of CDN$4.25 per Common Share ("the Offering Price") for gross proceeds of CDN$36,125,000. The Company will grant the Underwriters an over-allotment option, to purchase an additional 1,275,000 Common Shares (CDN$5,418,750), exercisable at the Offering Price at any time until the 30th day following the Closing Date. The Company expects to file a Preliminary Short Form Prospectus with the applicable securities regulatory authorities on April 4th, 2007 to qualify the Common Shares for distribution.
Crystallex plans to use the net proceeds from the financing to develop the Las Cristinas Project, to repay a portion of existing indebtedness and for general corporate purposes.
The offering is subject to certain conditions including, but not limited to, the entering into by Crystallex and the underwriter of an underwriting agreement and the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange and the American Stock Exchange. The offering is expected to close on or about April 24th, 2007.
This press release is not an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements.
About Crystallex
Crystallex International Corporation is a Canadian based gold producer with significant operations and exploration properties in Venezuela. The Company's principal asset is the Las Cristinas property in Bolivar State that is currently under development and which is expected to commence commercial gold production in 2009 at an initial annualized rate of some 300,000 ounces at the initial planned production rate of 20,000 tonnes of ore per day. Other key assets include the Tomi Mine, certain Lo Increible properties and the Revemin Mill. Crystallex shares trade on the TSX (symbol: KRY) and Amex (symbol: KRY) Exchanges.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including: statements relating to the estimated reserves and resources at Las Cristinas; anticipated results of drilling programs, feasibility studies or other analyses; the potential to increase reserves and expand production, at Las Cristinas; Crystallex's projected construction and production schedule, and cost and production estimates, for Las Cristinas; and management's statements regarding its expectations regarding mining in Venezuela. Forward-looking statements are based on estimates and assumptions made by Crystallex in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Crystallex believes are appropriate in the circumstances. Many factors could cause Crystallex's actual results, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: gold price volatility; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated reserves, and between actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property. These factors and others that could affect Crystallex's forward-looking statements are discussed in greater detail in the section entitled "Risk Factors" in Crystallex's Annual Information Form (which is included in the Annual Report on Form 40-F that Crystallex files with the United States Securities and Exchange Commission (the "SEC") and elsewhere in documents filed from time to time with the Canadian provincial securities regulators, the SEC and other regulatory authorities. These factors should be considered carefully, and persons reviewing this press release should not place undue reliance on forward-looking statements. Crystallex has no intention and undertakes no obligation to update or revise any forward-looking statements in this press release, except as required by law.
