Nordic Mines AB (publ) and Firesteel Resources Inc. agree to a revision of previously announced agreement
(Thomson Reuters ONE) -
Nordic Mines AB (publ) and Firesteel Resources Inc. agree to a revision of
previously announced agreement
Nordic Mines and Firesteel announces amendments to agreement signed on June
7, 2017 in MoU (memorandum of understanding). Thus
- Initially the joint venture will be 51% Firesteel and 49 % Nordic
Mines AB on investment of CAD 18.000.000
- Firesteel will acquire a further 9% of the investment Nordic Mines
Marknad AB after investing a further CAD 4.000.000 and production of 5.000
ounces of gold
- The joint venture has the support of the Nordic Mines board and
major shareholders
- Firesteel has voting lock agreement for around 40% of Nordic Mines
shareholders to be voted in Firesteel' favour
- This is considered an arm's length transaction
By investing CAD 18.000.000 Firesteel will acquire 51% of the investment Nordic
Mines Marknad AB. Nordic Mines will have 49% by contributing the mill, mineral
reserves and exploration assets. After the investment, Firesteel will acquire an
additional 9% by investing CAD 4.000.000 on a production of 5.000 ounces of
gold. Firesteels ownership will then be 60%.
The remaining balance of Nordic Mines Marknad will be acquired at fair market
value once the mine is returned to production.
The transaction is subject to shareholder and regulatory approval and is subject
to the rules of Nasdaq OMX Stockholm Small Cap and TSX Venture Exchange.
For additional information, please contact:
Torbjorn Bygden
Company Secretary & Investor Relations
Torbjorn.Bygden(at)azets.com
00 46 (0) 70 301 45 46
Lindhagensgatan 94, Box 34212
10026 Stockholm
Nordic Mines AB (publ.) is obliged to make this information public pursuant to
the EU Market Abuse Regulation. The information was submitted for publication,
through the agency of the contact person set out above, at 16 June 2017 16:00
CEST.
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. For further
information, see www.nordicmines.com.
Press release June 16 ENG:
http://hugin.info/138647/R/2113857/804167.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:
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News-ID 548378
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"Nordic Mines AB (publ) and Firesteel Resources Inc. agree to a revision of previously announced agreement"
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