The first quarter of 2017
The first quarter of 2017
· Revenues amounted to sek 0.3 million (0.0 in million), because the laiva mine continued to be managed only by the management and underhållsdrift.
· Operating profit amounted to -11,3 million (-13,3 million for the first quarter of 2016).
· Profit after tax amounted to sek -11,8 million (-13,4 million), corresponding to – sek 0,02 (0.02) per share.
· Cash and cash equivalents at year-end amounted to sek 1.3 million (sek 2.9 million, 31 december 2016). Thus, the company currently has not enough liquidity to cover its needs over the next three months (counting from the reporting date.
· Shareholders ‘ equity at year-end amounted to 478,0 million (489,7 million, 31 december 2016).
· January 9, 2017 asked the board for Nordic Mines in the extra general meeting where they decided to take the necessary steps to implement a rights issue of ordinary shares to the company’s shareholders of
approximately 5.0 million USD, subject to shareholder’s approval .
· On 18 January, the appointed Nordic Mines investment bank Evli Bank plc) to manage the rights issue on the company’s behalf.
· On January 18, announced the company that Pranay Panda with immediate effect and would leave the board.
· During the period, the company has secured an additional sek 3.8 million ($0,45 million) in shareholder loans from Lau Su Holding AB
· On 15 march, the Company announced its decision to implement a new share issue of sek 51 million at a subscription price of 0,27 sek per share and that the issue of shares to Lau Su Holdings AB and Lao Tzu Investments ltd on the same terms and conditions as the compensation for their outstanding shareholder loans.
Significant events after 31 march 2017
· On april 10, announced Nordic Mines that it had signed a letter of intent with the canadian company Firesteel Resources Inc (TSXV: “FTR”), where FTR will acquire a majority stake in the Laiva project through a combination of newly issued shares in the Nordic Market AB (“NMM”), a wholly-owned subsidiary to the Company or through the acquisition of shares in NMM from the Company. Under the terms of the deal will FTR to acquire 60 per cent of the NMM in two steps and financing the project so that production can resume.
· Deal with the FTR is subject to at least 40 per cent of the company’s shareholders to vote in favour of the proposal. Currently approximately 17 per cent of the company’s shareholders expressed their support for the deal with FTR.
· On may 2, borrowed FTR out of eur 200 000 to the Company as an advance on the € 1.0 million, which makes it possible for the Firesteel to acquire 10 per cent of Nordic Mines ‘ Market AB
· On 8 may, was halted trade in the Company’s shares on the Nasdaq stockholm stock exchange since there had been a certain price sensitive information about the Company had appeared on the internet. The trade resumed on may 9
then, Nordic Mines published a marknadsuppdatering.
· On 11 may found that Nordic Mines is a written confirmation by the Finnish authorities to get a permit to process ore and concentrate from third parties for up to 18 percent of the lakningskretsens capacity for high-quality ore in the plant.
· On 11 may received the Company is also an offer from Lau Su Holding AB, the company’s largest shareholder, on a guaranteed new share issue of eur 69.1 million.
· After evaluation of the options the Company has at its disposal, the board decided that a new issue guaranteed by Lau Su was economically the most profitable choice for the Company.
· The president, the board of directors, the CEO and cfo has decided to resign and will resign at the extraordinary general meeting of shareholders which is held within the card.
For further information, please contact:
D. Saradhi Rajan, ceo: Tel.: +44 743 271 1564
Ole Eikeland: Tel.: +47 900 60 666
More information about Nordic Mines is available on the website: www.nordicmines.com.
This information is such that Nordic Mines AB (publ) shall publish in accordance with the EU marknadsmissbruksförordning. The information was submitted for publication at 15:30 CET on 23 may 2017 via contact PR-agency in accordance with the above.
Nordic Mines is a nordic mining and exploration companies. The laiva mine in Finland, produced gold during the years 2011 to 2014. The deposit is one of the largest in the Nordic region. Nordic Mines is a member of SveMin and applying its reporting rules for public mining and exploration companies. The Nordic Mines share is traded on Nasdaq Stockholm Small Cap list. See also: www.nordicmines.com.
2017 Q1 Swedish
