NORDIC MINES AB (publ) Interim Report January - September 2015
(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.
Third quarter of 2015
* Net income was SEK 0.0 million (SEK 1.3 million) due to the production stop
at the Laiva mine.
* The Company reported an operating loss of SEK -12.6 million (SEK 406.7
million as a result of composition gains) due to the production stop at the
Laiva mine.
* Profit/loss after tax for the period amounted to SEK -15.6 million (SEK
235.9 million), corresponding to SEK -0.29 (SEK 15.54) per share.
* Comprehensive income for the period amounted to SEK -13.8 million (SEK
224.3 million), corresponding to SEK -0.26 (SEK 14.78) per share.
* Cash and cash equivalents were SEK 21.1 million (SEK 40.7 million, 30 June
2015) at the end of the period.
* Equity was SEK 390.0 million (SEK 403.8 million, 30 June 2015) at the end of
the period.
* An agreement in principle was reached with Ab Tallqvist Infra Oy, a local
mining contracting firm, to operate the Laiva mine in the future.
* Nordic Mines Oy has conducted codetermination negotiations with
representatives for the employees at the Laiva mine with the aim of
realising additional cost savings in the immediate future. Nordic Mines AB
(publ) ("Nordic Mines" or "the Company") also initiated a number of
additional measures to reduce the Company's operating expenses. The measures
as a whole reduce the Company's total operating costs by approximately one-
third. Through streamlining, the company's overhead costs have been reduced
by approximately 50 percent.
* Tom Söderman at his own request has decided to step down from his position
as General Manager of the Laiva mine and will be replaced until further
notice by the Company's current Head of Exploration, Peter Finnäs, starting
on 1 November 2015.
* Nordic Mines implemented the consolidation of shares (reverse split) on a
1:100 basis as resolved by the Annual General Meeting.
* Nordic Mines AB (publ) 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.
* The Board of Directors of Nordic Mines has decided on a new rights issue for
current shareholders ("Rights Issue") on the condition that the issue is
approved by the extraordinary general meeting ("the Meeting"). The Rights
Issue is being conducted with the aim of funding the purchase of all of the
lenders' claims on Group companies and to fund the Company for at least 12
months while waiting for more beneficial external factors in the form of
primarily the gold price and currency rates.
January - September 2015
* Net income was SEK 0.0 million (SEK 62.9 million) due to the production stop
at the Laiva mine.
* The Company recorded an operating loss of SEK -67.3 million (SEK 343.8
million).
* Profit/loss after tax for the period amounted to SEK -76.1 million (SEK
-172.3 million), corresponding to SEK -1.41 (SEK 23.5) per share.
* Comprehensive income for the period amounted to SEK -76.8 million (SEK
154.5 million), corresponding to SEK -1.42 (SEK 21.06) per share.
Significant post balance sheet events
* The Company held an extraordinary general meeting on 21 October 2015. The
Meeting resolved to approve the Board of Director's proposal for a Rights
Issue.
* The Chair of the Board of Nordic Mines and all Board members have announced
their intention to subscribe to shares in the Nordic Mines Rights Issue and,
where applicable, for a minimum of their pro-rata shares. CEO Eva Kaijser
also announced her intention to subscribe to shares in the Rights Issue.
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.com.
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 30 October 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 Nasdaq Stockholm's Small Cap list. Also refer
to www.nordicmines.com
Nordic Mines AB (publ) Interim report jan ? sept 2015:
http://hugin.info/138647/R/1962760/716005.pdf
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originality of the information contained therein.
Source: Nordic Mines AB via GlobeNewswire
[HUG#1962760]
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Datum: 30.10.2015 - 08:00 Uhr
Sprache: Deutsch
News-ID 430729
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