Nordic Mines updates on financial situation The
Post# of 301275
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, 7 October 2016
Nordic Mines AB publ ("The Company"), has since the publication of the second quarterly report received, in addition to the earlier communicated USD 500 000, an additional share holder loan of USD 250 000. The Company has also been able to reduce costs, for example in conjunction with the sorting test, and recovered certain reserved funds. With the cash at hand and planned payments the Company has liquidity until mid-November.
The Company have been informed from its the major shareholder Lau Su Holding AB ("Majority owner") that they are continuing the split-up of their shareholding in Nordic Mines amongst the Majority owner's original investors.
The Company has engaged Pareto Securities as financial advisor regarding the larger financing and the Company continues to evaluate different financing options where both equity and debt is considered.
For additional information, please contact: D. Saradhi Rajan, CEO: +44 743 271 1564
For more information about Nordic Mines, please visit; www.nordicmines.com
The information above has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 2:30 p.m. (CET) on October 7, 2016.
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
Attachments:
(0)
(0)