Press Release 23 May 2017


NORDIC MINES AB (publ)

First Quarter Report 2017

 

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Nordic Mines receives an offer to underwrite a rights issue

 

On 11 May 2017, Nordic Mines AB (publ) (“Nordic Mines” or the “Company”) received an offer from Lau Su Holding AB (“Lau Su”), the Company's largest shareholder, which holds 21.7% of the ordinary shares of Nordic Mines, to underwrite a rights issue to support the Company. The proposal is intended to replace the transaction with Firesteel Resources Inc (“Firesteel”).

 

The key terms of Lau Su's proposal are:

·       SEK 69.1 million rights issue
·       Price set at 0.285SEK per share
·       USD 3.0 million of new investment by Lau Su
·       Conversion of USD 1.2 million of loans previously provided by Lau Su, plus interest at the rights issue price
·       USD1.0 million to be made available immediately by way of a short term loan to bridge the funding requirements of Nordic Mines
·       Lau Su to lead a debt consortium to provide a minimum of US$6m of debt financing secured against the Company’s assets and the exclusive rights to the Company’s gold production for 5 years
·       Lau Su to take control of the Company by way of having three out of four of the directors of the Company following the rights issue
 

     The board of directors of Nordic Mines has responded to Lau Su regarding some of the terms of its proposal and will evaluate the proposal and any adjustments thereto on its merits. 

 

Nordic Mines has appointed financial advisers to assist the directors to evaluate the proposal and compare it to the proposed transaction with Firesteel, as announced on 10 April 2017 and updated on 9 May 2017.  The board of directors will make a recommendation to shareholders in due course.  In the meantime the Company continues to work to advance the transaction with Firesteel

 

For additional information, please contact:

D. Saradhi Rajan, CEO: +44 743 271 1564

Ole Eikeland: +47 900 60 666

For more information about Nordic Mines, please visit; www.nordicmines.com.

This information is Nordic Mines AB (publ) obliged to make 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 12:00 CET on 15 May 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. The Nordic Mines share has been admitted for trading on Nasdaq Stockholm's Small Cap list. For further information, see www.nordicmines.com.

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Approval to process third party ores

 

On the 9th of May, 2017 after the release of the Market Update, the company received written confirmation that it will be allowed to treat ore and concentrates from third parties for up to 18% of the feed capacity of the processing plant’s high grade circuit (a small portion of the capacity of the leaching circuit). This is subject to ensuring that the composition of the waste and discharge from the operations is not changed in any material way from that of the Laiva ore discharge. Furthermore, this approval is conditional on Nordic Mines submitting an analysis of ore and concentrates to be treated for approval at least four months prior to the planned processing of such ore and concentrates.

 

The permit is subject to a 30 day period where complaints may be made.

 

This confirms the Company’s view that handling of all external materials would need to be applied with sufficient data, assays, leach tests, etc and would constitute a significant reporting burden for the Company. The environmental authorities may set new monitoring parameters depending on the quality of the external material.

 

Further, the Company would again note that

 

(i)            

There are few potential sources of material within a short enough distance from Laiva which would mean that third party material could be economically toll treated at the plant at Laiva;

(ii)          

Nordic Mines currently has no offers of a supply of material to the plant; and,

(iii)         

The plant cannot be operated economically with only a supply of third party material equating to 18% of the feed capacity of the processing plant’s high grade circuit so would remain reliant on ore from the Laiva mine.

 

 

For additional information, please contact:

D. Saradhi Rajan, CEO: +44 743 271 1564

Ole Eikeland: +47 900 60 666

For more information about Nordic Mines, please visit; www.nordicmines.com.

This information is Nordic Mines AB (publ) obliged to make 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 16:30 CET on 11 May 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. The Nordic Mines share has been admitted for trading on Nasdaq Stockholm's Small Cap list. For further information, see www.nordicmines.com

Pdf version >

Notice of Shareholder Meeting

 

As referred to in the earlier release, Nordic Mines Market Update, the Company confirms the details of the shareholder meeting below:

 

Date: 16 May 2017

Time: 16:30 to 18:30

Location: Locanda, Mäster Samuelsgatan 60, Stockholm, Sweden

 

Saradhi Rajan, CEO, will present as well as Michael Hepworth, CEO of Firesteel. Both will then be available for questions.

 

For additional information, please contact:

D. Saradhi Rajan, CEO: +44 743 271 1564

Ole Eikeland: +47 900 60 666

For more information about Nordic Mines, please visit; www.nordicmines.com.

This information is Nordic Mines AB (publ) obliged to make 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 14:30 CET on 10 May 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. The Nordic Mines share has been admitted for trading on Nasdaq Stockholm's Small Cap list. For further information, see www.nordicmines.com.

Pdf version >


Nordic Mines Market Update

 

Nordic Mines AB (publ) (“Nordic Mines” or the “Company”) publishes a Market Update available here. 



Questions and answers

 

The company sets out below some questions and answers to typical questions in order to help shareholders better understand the transaction with Firesteel. Read them here




Nomination Committee of Nordic Mines

The Annual General Meeting 2016 (the "AGM 2016") of Nordic Mines AB (publ) ("Nordic Mines") has resolved to establish a Nomination Committee for the Annual General Meeting 2017. The Nomination Committee comprises of Mr. Nikul Sarin, Mr. Ajay Anand, Mrs. Catharina Lagerstam, Mr. Fredrik Zettergren and Mr. Torbjörn Bygden, Mr. Zettergren and Mr. Bygden represent Lau Su Holding AB. Mrs. Catharina Lagerstam represents the minor shareholders of Nordic Mines. The composition of the Committee is as stipulated by the resolution of AGM 2016.

Mr. Ajay Anand has been appointed Chairman of the Nomination Committee.

For additional information, please contact:

D. Saradhi Rajan, CEO: +44 743 271 1564

Ole Eikeland: +47 900 60 666

For more information about Nordic Mines, please visit; www.nordicmines.com.

This information is Nordic Mines AB (publ) obliged to make public pursuant to the EU Market Abuse Regulation, the Swedish Securities Market Act and/or Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CET on 28th April 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. The Nordic Mines share has been admitted for trading on Nasdaq Stockholm's Small Cap list. For further information, see www.nordicmines.com.

Pdf version >

 


 

Nordic Mines AB (publ) publishes its 2016 Annual Report

 


The 2016 Annual Report for Nordic Mines AB (publ) is now available at the Company's website, www.nordicmines.com


For additional information, please contact:

D. Saradhi Rajan, CEO: +44 743 271 1564

Ole Eikeland: +47 900 60 666

For more information about Nordic Mines, please visit; www.nordicmines.com.

This information is Nordic Mines AB (publ) obliged to make public pursuant to the EU Market Abuse Regulation, the Swedish Securities Market Act and/or Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CET on 28th April 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. The Nordic Mines share has been admitted for trading on Nasdaq Stockholm's Small Cap list. For further information, see www.nordicmines.com.

Annual report 2016 (pdf) >