First Nordic's Strategic Private Placement for Nasdaq Growth
First Nordic's Intent to List on Nasdaq First North
First Nordic Metals Corp. (the "Company" or "FNM") is taking strides to enhance its market presence through a brokered private placement of up to 2,329,193 Swedish depository receipts ("SDRs"). These SDRs are unique financial instruments representing shares in the Company, which plans to list on the Nasdaq First North Growth Market.
Details of the Private Placement
Each SDR correlates directly to one common share of First Nordic, priced at SEK 3.22 (approximately CA$0.45). This initiative aims to raise up to SEK 7.5 million (around CA$1.05 million) in gross proceeds. Substantial interest has been shown, with commitments from Swedish investors totaling approximately SEK 5.5 million already secured.
Meeting Regulatory Requirements
The timing of this offering comes as FNM seeks to meet regulatory requirements for a minimum number of SDR holders necessary for listing. Conditional approval to list on the Nasdaq First North has already been obtained. The anticipated first trading day for the SDRs is poised for the near future, pending final approvals.
Expansion of the Placement Opportunity
In an exciting development, First Nordic has the option to increase the private placement by an additional 776,398 SDRs, which would provide further finances if the original offering is oversubscribed. This flexibility ensures that FNM can capitalize on the high demand for their SDRs.
Utilization of Proceeds
The proceeds from this private placement are earmarked for various strategic needs, primarily focusing on exploration at its properties and ensuring available working capital within the Company. This enhancement will significantly boost their operational capacities.
Investor Engagement in Sweden and Finland
This private placement targets both public and institutional investors primarily in Sweden and Finland. Notably, the shares underpinning the SDRs will be subject to a hold period stipulated by Canadian regulations. This holds ensures compliance while allowing substantial growth opportunities.
Application Process for Investors
Investors wishing to participate can subscribe through DNB Markets, part of DNB Bank ASA. The necessary forms for application are accessible online for both Swedish and Finnish investors. DNB's own website provides comprehensive information and submission options.
Conclusion of the Private Placement
The timeline for concluding this private placement is anticipated around mid-March 2025, subject to receiving all required approvals. This strategic move is part of First Nordic's broader objective of enhancing its holdings and operational area in Europe.
About First Nordic Metals
First Nordic is dedicated to becoming a leading player in gold exploration within Europe. They hold substantial assets, primarily focused on the Barsele gold project in northern Sweden, developed in partnership with Agnico Eagle Mines Limited. With other significant projects in both Sweden and Finland, First Nordic is poised for expansive growth in the mining sector.
Frequently Asked Questions
What is the private placement by First Nordic about?
The private placement involves SDRs to secure funding for listing on Nasdaq First North and expanding exploration efforts.
How much capital does First Nordic aim to raise through this placement?
The Company intends to raise approximately SEK 7.5 million, with potential for additional shares if demand exceeds initial offerings.
Who can participate in the private placement?
Both public and institutional investors in Sweden and Finland are eligible to participate, subject to the regulations.
What will the funds raised be used for?
The raised funds will primarily be invested in exploration activities and supporting general working capital requirements.
When is the expected closing date for the private placement?
The placement is anticipated to close around mid-March 2025, pending necessary approvals.
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