United Keno Hill files prospectus

Silver producer United Keno Hill Mines (TSE) of Toronto says it is filing a preliminary prospectus with respect to its previously announced rights offering to shareholders.

The preliminary prospectus was filed with the securities commissions and regulatory authorities in the Yukon Territory and each province, except Quebec.

Falconbridge Ltd. (TSE) has agreed to take up and pay for all of the shares not otherwise purchased pursuant to the offering, subject to the limitation that it will not acquire more than 50% of United Keno’s outstanding shares after giving effect to the offering.

Proceeds of the issue will be used to retire outstanding debt and the balance to fund working capital or other corporate purposes.

The exercise price and record date have not been determined, and the timing and terms of the offering will be fixed when all required approvals have been obtained. The company says the rights will not be exercisable by residents of the United States.

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