Press Release 6 Oktober 2017

The Board's update of the position and considerations made by the Board

The Board's first priority has been to avoid bankruptcy. The loan issued by Firesteel Resources (FTR) means that the immediate threat is now eliminated. Secondly, it has been to crystallize how the company will function as Nordic Mines AB becomes a holding company under the Joint Venture (JV) agreement concluded with FTR. Last but not least, on the Board's agenda, it has been important to obtain guarantees that shareholders can anticipate a listing on an appropriate stock exchange.

In our efforts to avoid bankruptcy, we have offered our suppliers to pay a portion of the debt and thus a 75% impairment of their claims.

The loan we received from FTR of 500k CAD (3,250,000) and runs with: LIBOR + 5% (approximately 7%). The company has managed to negotiate a lower interest rate which was initially set at 12%.

To act as a holding company without recurrent income means we must ensure that costs are minimized. Dividend from JV cannot anticipated in quite some time. This means that we need to review more cost effective solutions for website, accounting, auditing etc. All of these will be renegotiated or discontinued. The Board and CEO work today without compensation.

Returning to the issue of listing of the company on a renowned stock exchange, we have managed to obtain a written letter of intent by FTR for listing on the Toronto Stock Exchange TSX. This process is now under preparation and the next step can begin as soon as JV has formed up.

The value of Nordic Mines part in the event that FTR would use the right to purchase the entire Nordic Mines would in earlier agreements be fair mark value. Since FTR has now in writing promised to list the new company, and that text has been changed to "equity value".

There are some remaining issues to be dealt with in Nordic Mines OY, which is under Finnish reconstruction under the law firm Krogerus. Krogerus has the task of approving all investments in the company. Thus, there are far-reaching requirements for investment plans that must be approved. Krogerus has expressed his satisfaction that FTR enters the business.


For additional information contact:

Claes Jansson, Managing Director, Company secreterare och Investor Relations

Claesjansson7@gmail.com

For more information Nordic Mines, visit www.nordicmines.com/. 

Nordic Mines is a Nordic mining and exploration company. The Laiva mine in Finland produced gold between 2011 and 2014. The deposit is among the largest in the Nordic region. Nordic Mines is a member of SveMin and applies its reporting regulations for public mining and exploration companies.




Press Release 13 September 2017

The Board informs about continuous work 

At recent EGM on September 8, a large majority decided that a Joint Venture (JV) with Firesteel Resourses was to be closed as soon as possible. Details of the agreement can be found in previous press releases.

At the meeting, Hans Andreasson and Torsten Börjemalm resigned from the board and Fred Boman and Claes Jansson were elected.

After intensive work on both sides of the Atlantic, all signatures are now in place. JV Agreement as well as Management Service Agreement and also an agreement governing the repayment of loans to Lau Su, Lau Tzu and Jade Global.

Nordic mines AB will receive a loan from Firesteel to be able to maintain payment of salaries, taxes and suppliers. Firesteel has committed 500,000 CAD to "keep the light on" in Nordic Mines until our part JV generates revenue. Negotiations with our creditors are also ongoing on debt write-downs, in order to avoid bankruptcy.

The Board has also been in contact with Mangold Fund Commission to investigate the opportunities of listing and thereby be able to trade with Nomi shares.

In addition, the Board has decided to appoint Board member Claes Jansson as new CEO of Nordic Mines AB, which complies with the requirements of the regulations. Claes has agreed not to take any compensation from the company as long as the financial difficulties prevails.

If you have questions or comments, please contact Claes at nordicclaes@gmail.com

We will continuously provide information on developments on this website


For additional information contact:

Torbjörn Bygdén 
Company secreterare och Investor Relations 
Torbjorn.Bygden@azets.net 
00 46 (0) 70 301 45 46 
Lindhagensgatan 94, box 34212 10026 Stockholm

For more information Nordic Mines, besök www.nordicmines.com/. 

Nordic Mines AB (publ.) is obliged to make this information public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 21 September 2017. 

Nordic Mines is a Nordic mining and exploration company. The Laiva mine in Finland produced gold between 2011 and 2014. The deposit is among the largest in the Nordic region. Nordic Mines is a member of SveMin and applies its reporting regulations for public mining and exploration companies

 

 

Press Release 8 September 2017

Nordic Mines AB Extraordinary General Meeting 8 September 2017

At the Annual General Meeting, proposals from Firesteel Resources Ltd and proposals from Lau Su Holding AB were presented and decided upon. At the meeting, Lau Su withdrew its proposal and the AGM resolved to approve proposals as Board and Firesteel have prepared in the form of Joint Venture in Nordic Mines Marknad AB. Nordic Mines has previously informed about the deal in detail, which can also be found such as press releases.

Firesteel intends to invest the corresponding CAD 20m in the business and to finance Nordic Mines AB with loans until Laiva's activities begin to generate own funds that will flow to Nordic Mines AB.

There is no decision about and when the share is to be noted again. There are a number of options that the board can take into consideration in the ongoing work.

The AGM also decided to approve the resignation application for Board members Hans Andreasson and Torsten Börjemalm. New members of board, Fred Boman and Clas Jansson were elected.

For additional information contact:

Torbjörn Bygdén 
Company secreterare och Investor Relations 
Torbjorn.Bygden@azets.net 
00 46 (0) 70 301 45 46 
Lindhagensgatan 94, box 34212 10026 Stockholm

For more information Nordic Mines, besök www.nordicmines.com/. 

Nordic Mines AB (publ.) is obliged to make this information public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 14 September 2017. 

Nordic Mines is a Nordic mining and exploration company. The Laiva mine in Finland produced gold between 2011 and 2014. The deposit is among the largest in the Nordic region. Nordic Mines is a member of SveMin and applies its reporting regulations for public mining and exploration companies.