Nordic Mines announces
(Thomson Reuters ONE) -
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
document.
PRESS RELEASE 13 August 2015
Changes at the Laiva Mine
With the aim of obtaining even more flexibility before a future re-start of
operations at the Laiva mine and for realising additional cost savings in the
short term, Nordic Mines AB (publ) ("Nordic Mines", "the Company" or "the
Group") is now implementing a number of measures:
* Agreement in principle with Ab Tallqvist Infra Oy, a local mining
contracting firm, to operate the Laiva mine in the future
* Nordic Mines Oy will be extending an invitation for codetermination
negotiations with the goal of realising additional cost savings in the near
future at the Laiva mine
* Current General Manager Tom Söderman at his own request has decided to leave
his post at the end of 2015
The agreement in principle with Ab Tallqvist Infra Oy entails that the local
mining contractor will become a strategic partner of Nordic Mines and take
significantly more responsibility for the operation of the Laiva mine than it
did before. This also provides Nordic Mines with more flexibility regarding the
restart of operations at the Laiva mine, primarily in terms of staffing. The
Finnish subsidiary, Nordic Mines Oy, will invite employee representatives to
codetermination negotiations in accordance with Finnish law. The aim of these
negotiations is realise additional cost savings in the near future and thus
extend the time available to find a financing solution for the Company and the
Laiva mine. Current General Manager Tom Söderman at his own request has also
decided to leave his post at the end of 2015
Strategy and financing for Nordic Mines and the Laiva mine
The Company's lenders have expressed to the Company that they believe that the
Group is in violation of the current project financing agreement on a number of
points and has submitted a request to the Company on 10 August 2015 for a
clarification regarding the Company's financing. The Company is therefore
holding discussions with its lenders. If Nordic Mines is in significant breach
of its project financing agreement, the bank consortium is entitled to apply for
a default of the Finnish composition plan.
The Company is continuing to work on the preparation of a financing solution
which given the right conditions would make it possible to restart operations at
the Laiva mine with sufficient profitability. Such a solution could consist of,
individually or in combination, for example, share issues and/or collaborations
with strategic or financial partners, the pre-sale of gold production and gold
deliveries, the renegotiation of supplier terms and other types of bridge
financing for working capital.
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 www.nordicmines.se.
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 13 August 2015 at 8:00 a.m.
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 the Nasdaq Stockholm's Small Cap list. Also
refer to www.nordicmines.se.
Nordic Mines announces:
http://hugin.info/138647/R/1945289/705207.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Nordic Mines AB via GlobeNewswire
[HUG#1945289]
Unternehmensinformation / Kurzprofil:
Datum: 13.08.2015 - 08:00 Uhr
Sprache: Deutsch
News-ID 413388
Anzahl Zeichen: 5016
contact information:
Town:
Stockholm
Kategorie:
Business News
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