Bli medlem
Bli medlem

Du är här


Nordic Mines AB: Nordic Mines has reached an agreement in principle with the Company's lenders regarding the repurchase of outstanding debt

The English text is an unofficial translation of the Swedish original, and in
the event of any discrepancies between the Swedish text and the English
translation the Swedish text shall take precedence. This is not a legal

PRESS RELEASE 21 September 2015

Nordic Mines AB (publ) ("Nordic Mines" or "the Company") has reached an
agreement in principle with the Company's lenders that Nordic Mines will buy
all of the lenders' claims on Group companies in accordance with the existing
project financing agreement. Nordic Mines intends to finance the purchase
through one or more new share issues. Under the agreement in principle:

* The Company buys all of the lenders' claims on Group companies in
accordance with the existing project financing agreement at a consideration
of around EUR 5 million, which corresponds to a new write-down of around
EUR 10 million. The original debt was EUR 45 million.
* The agreement also includes outstanding warrants held by the lenders
corresponding to an ownership of 12%.
* Nordic Mines regains through this purchase full control over the assets
that are pledged in accordance with the project financing agreement.

The purchase will be financed through new share issues that will inject around
SEK 110 million into the Company at full subscription, but as a minimum
around SEK 80 million. The plan is to use the funds raised by the share
issues for:

* The equivalent of EUR 5 million for the purchase of all of the lenders'
claims on Group companies.
* Around EUR 3 million to finance the Company for the next 12 months while
waiting for more beneficial external factors in the form of primarily the
gold price and currency rates.
* Excess funds raised from the share issues will provide the Company with
enhanced financial longevity and the ability to carry out value-enhancing
activities, primarily at the Laiva mine.

The agreement in principle with the Company's lenders is conditional on the
final agreement documentation, that formal internal decisions regarding the
approval of the agreement are made by each bank and that the Company raises
funds for the consideration through upcoming share issues. Given these
developments, the Board of Directors of Nordic Mines has decided to summon an
extraordinary general meeting to decide on conditional share issues in the
form of a rights issue and/or a directed new share issue for the general
meeting's approval (for more information, please refer to point 7 in today's
notice to the Annual General Meeting). The Company will provide information
about conditions, volume and transactional structure prior to the
extraordinary general meeting of Nordic Mines on 21 October 2015.

Nordic Mines has engaged Evli Bank and PWC Corporate Finance Debt&Capital
Advisory as financial advisors.

For further information, please contact:

Eva Kaijser, CEO,+46 (0)70 932 09 01
Jonatan Forsberg, CFO, +46 (0)76-105 13 10

For more information about Nordic Mines, please visit

The information presented above has been disclosed pursuant to the Securities
Markets Act and/or the Financial Instruments Trading Act. The information was
published on 21 September 2015 at 8:00 a.m.

Nordic Mines is a Nordic mining and exploration company. The Laia 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. Also refer to

Nordic Mines has reached an agreement in principle


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Nordic Mines AB via Globenewswire


Författare Hugin

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.