Nordic Mines' agreement with the banks finalized
(Thomson Reuters ONE) -
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Australia, Hong Kong, Japan, Canada, New Zealand, Singapore or South Africa or
in any other jurisdiction where the distribution of this press release would be
unlawful.
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.
PRESS RELEASE 9 November 2015
Nordic Mines AB (publ) ("Nordic Mines" or "the Company") has agreed on a final
agreement with the Company's lenders, under which Nordic Mines will acquire all
of the lenders' claims on Group companies in accordance with the existing
project financing agreements. This confirms the agreement in principle, which
was announced through a press release on 21 September 2015. The Company is now
conducting a new share issue with preferential rights for existing shareholders
(the "Rights Issue"), and Nordic Mines intends to fund the purchase through the
Rights Issue. The agreement with the Company's lenders entails that:
* The Company purchases all of the lenders' claims on Group companies in
accordance with the existing project financing agreements for a purchase
price of EUR 5 million. This corresponds to an additional write-down of the
original loan amounts of approximately EUR 10 million. Before the first
write-down in the summer 2014 the outstanding debt amounted to more than EUR
45 million.
* The agreement also includes outstanding warrants held by the lenders
corresponding to an ownership of 12 per cent.
* Nordic Mines regains through this purchase full control over the assets that
are pledged in accordance with the project financing agreements.
The Company's obligation to carry out the acquisition is conditional on that the
Company's board resolves and announces that the conditions for the Rights Issue
have been achieved. If this condition is not achieved no later than 4 December
2015 or the acquisition has not been completed no later than the 13 December
2015, the agreement can be terminated. The agreement can also be terminated
before that, if the Company does not obtain subscription applications
corresponding to at least the purchase price and there is no reason to expect
that the Company will, no later than 13 November 2015, obtain subscription
applications or secure other financing, acceptable to the lenders, in an amount
corresponding to at least the purchase price.
For the Rights Issue, inter alia, the following terms apply:
* The subscription price has been set to SEK 0.20 per share.
* The proceeds from the Rights Issue will, in case of full subscription,
amount to just over SEK 108 million prior to transaction costs related to
the Rights Issue.
* The subscription period will run until 9 November 2015.
The prospectus and the subscription form (with or without subscription rights)
are available at www.nordicmines.se. A supplementary prospectus will be
published by reason of the agreement with the lenders.
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
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 9 November 2015 at 08:00 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 www.nordicmines.se.
IMPORTANT INFORMATION
The information in this press release does not contain or constitute an offer to
acquire, subscribe or otherwise trade in shares, subscription rights or other
securities in Nordic Mines. Any invitation to the persons concerned to subscribe
for shares in Nordic Mines will only be made through the prospectus published by
Nordic Mines on its web site.
This press release may not be published or distributed, directly or indirectly
in or into United States, Australia, Canada, Hong Kong, Japan, New Zealand,
Singapore, South Africa or any other jurisdiction where such action is wholly or
partially subject to legal restrictions or where such action would require
additional prospectuses, registrations or other actions in addition to what
follows from Swedish law. Nor may the information in this press release be
forwarded, reproduced or disclosed in such a manner that contravenes such
restrictions or would require such requirements. Failure to comply with this
instruction may result in a violation of applicable securities laws.
No subscription rights, OTAs or BTAs (interim shares) or new shares will be
registered under the United States Securities Act of 1933 ("Securities Act") or
securities legislation in any other state or other jurisdiction in the United
States and may not be offered, subscribed, sold or transferred, directly or
indirectly within the United States, other than pursuant to an exemption from
the registration requirements of the Securities Act and in accordance with
securities laws in relevant state or other jurisdiction in the United States.
This press release may contain forward-looking statements which reflect Nordic
Mines' current view on future events and financial and operational development.
Words such as "intend", "expect", "anticipate", "may", "believe", "plan",
"estimate" and other expressions which imply indications or predictions of
future development or trends, and which are not based on historical facts, are
intended to identify forward-looking statements. Forward-looking statements
inherently involve both known and unknown risks and uncertainties because they
depend on future events and circumstances. Forward-looking statements do not
guarantee future results or development and the real outcome could differ
materially from the forward-looking statements.
Press release (PDF):
http://hugin.info/138647/R/1965252/717523.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#1965252]
Unternehmensinformation / Kurzprofil:
Datum: 09.11.2015 - 08:00 Uhr
Sprache: Deutsch
News-ID 432878
Anzahl Zeichen: 7784
contact information:
Town:
Stockholm
Kategorie:
Business News
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"Nordic Mines' agreement with the banks finalized"
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