Nordic Mines AB (publ) and Firesteel Resources Inc. announces the revision of previously communicated agreement
Nordic Mines and Firesteel announces the amendment of that agreement, which was signed on 7 June 2017 in the MoU (memorandum of understanding). This leads to the following:
– Initially, the joint venture company to be 51% owned by Firesteel and 49% of Nordic Mines AB at an investment of USD 18.000.000
– Firesteel acquires additional 9% of Nordic Mines ‘ Market in the investment of an additional 4 000 000, CAD and the production of 5,000 ounces of gold
– The Joint Venture has the support of the Nordic Mines board of directors and large shareholders
– Firesteel has rösträttsstöd from approximately 40 per cent of the shareholders in Nordic Mines to vote for the Firesteels advantage
– This is seen by both parties as a fair and equitable agreement
By investing USD 18.000.000 will Firesteel to acquire 51% of the investment in Nordic Mines Market AB Nordic Mines will have 49% by contributing with the enrichment plant, the mine and reserves and prospekteringsrättigheterna. After the investment comes the Firesteel to acquire a further 9% by investing USD to 4,000,000 at a production of 5,000 ounces of gold. Firesteels ownership will be 60%.
The remaining ownership in Nordic Mines ‘ Market will be acquired at fair market value when the mine is again in full production.
The transaction is subject to shareholder and regulatory approval and is covered by the rules of the Nasdaq OMX Stockholm Small Cap and the TSX Venture Exchange.
For further information, please contact:
Företagsekreterare and Investor Relations
00 46 (0) 70 301 45 46
Lindhagensgatan 94, box 34212
10026 Stockholm, sweden
Nordic Mines AB (publ.) Is obliged to publish this information according to the EU regulation on market abuse. The information was submitted for publication, through the agency of the contact person stated above, on 16 June 2017 16:00 CEST.
Nordic Mines is a nordic mining and exploration companies. 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 their reporting rules for public mining and exploration companies. The Nordic Mines share has been subscribed for to trading on Nasdaq Stockholm Small Cap list. For further information, see www.nordicmines.com.
Press release June 16 SEE