Nordic Mines AB: Republishing of the Year-End Report 2016 with editorial changes
(Thomson Reuters ONE) -
Republishing of the Year-End Report 2016
Nordic Mines AB (publ) ("Nordic Mines" or the "Company") wishes through this
press release announce that the company's year-end report for 2016 is being
republished with editorial changes.
The tables on pages 11, 13 and 20 have been completed and an additional comment
has been added on page 20.
Year-End Report 2016
Fourth quarter of 2016
* Revenues were SEK 0.0 million (SEK 0.0 million Q4 2015) as the Laiva Mine is
on care and maintenance and not in production.
* The Company reported an operating loss of SEK -12.3 million (SEK -25.0
million Q4 2015).
* Loss after tax for the period amounted to SEK -12.5 million (SEK 76.1
million Q4 2015), corresponding to SEK -0.02 (SEK 0.36) per share.
* Cash and cash equivalents were SEK 2.8 million (SEK 3.5 million 30 September
2016) at the end of the period. Thus, the Company currently does not have
sufficient funds to cover its needs for the next three months starting from
the date of this report.
* Equity was SEK 489.7 million (SEK 501.9 million 30 September 2016) at the
end of the period.
* Secured shareholder loans of SEK 4.5 million to fund the running costs of
the Company.
* On 19 October, the Company appointed Mr.Ola Wahlquist, ex Audit Partner of
the Year 2015, Ernst & Young as a Senior Advisor. Mr Wahlquist is a subject
matter expert in Risk Management, Compliance and Audit related issues.
* On 25 October, Nordic Mines announced the appointment of Mr Tony Butler as
CFO and Mr Rune Nordström, as its Head of Corporate Communications and
Investor Relations.
* On 27 October, Nordic Mines appointed Ludmilla Lundberg as Senior Advisor,
Compliance & Reporting. Ludmilla comes with 20 years of experience in
compliance and reporting
* On 30 November, the Company announced a shareholder loan with Lau Su Holding
AB and announced the Company's intention to hold an Extraordinary General
Meeting to seek shareholder approval to amend the articles of association in
order to create a new preferential class of shares and to approve a
placement of USD1.5 million in a combination of preferential and ordinary
shares to Lau Su Holding AB. On 9 January the Board of Directors resolved to
cancel the Extraordinary General Meeting and the proposed financing in
favour of pursuing alternative fundraising, on which see below.
* On 21 December, the Company received assay results from the first batches of
the Bjorkdal sorting test sample carried out in September. It is evident
that optical sorting systems have the potential to transform the economics
at the Laiva mine. Whilst the forecast upgrades to 1.33 g/t were close to
our best expectation, it is clear that further threshold optimization work
needs to be carried out
Full Year 2016
* Revenues were SEK 0.0 million (SEK 0.0 million 2015) due to the production
stop at the Laiva mine.
* The Company reported an operating loss of SEK -37.2 million (SEK -92.3
million 2015).
* Loss after tax for the period amounted to SEK -37.3 million (SEK 0.0 million
2015), corresponding to SEK -0.07 (SEK 0.00 2015) per share.
* Total comprehensive income for the period was SEK -35.2 million (SEK -2.6
million 2015).
Significant events after December 31, 2016
* On 9 January 2017, the Board of Directors decided to cancel the
extraordinary general meeting discussed above. The decision was taken
because the Board of Directors of Nordic Mines has decided to take necessary
steps to carry out a rights issue of common shares to the Company's
shareholders of approximately USD 5.0 million, subject to shareholders'
approval.
* On 18 January, Nordic Mines appointed the investment bank, Evli Bank plc to
lead a rights issue on behalf of the Company.
* On 18 January, the Company announced the resignation from the Board of
Directors of Mr Pranay Panda with immediate effect.
* The Company secured a further SEK 2.6 million (USD 0.3 million) in
shareholder loans from Lau Su Holding AB.
Note
Nordic Mines is required to publish this information pursuant to the Securities
Markets Act and/or the Financial Instruments Trading Act. The information was
published on 1 March 2017, at 15:00 GMT.
For further information, please contact:
Rune Nordström, Head of Corporate Communications and Investor Relations,
+46 70 602 65 20
Mail: rune.nordstrom(at)nordicmines.com
info(at)nordicmines.com
20170228 Year-End Report 2016 with editorial changes:
http://hugin.info/138647/R/2083316/785374.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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
Unternehmensinformation / Kurzprofil:
Datum: 01.03.2017 - 16:00 Uhr
Sprache: Deutsch
News-ID 527516
Anzahl Zeichen: 5641
contact information:
Town:
Stockholm
Kategorie:
Business News
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