Nordic Mines signed a letter of intent regarding a Joint Venture with Firesteel

Nordic Mines signed a letter of intent regarding a Joint Venture with Firesteel

Nordic Mines AB (Publ) (“Nordic Mines” or the “Company”) has signed a letter of intent (Memorandum of Understanding) with Firesteel Resources Inc. (“FTR”) in order to establish a Joint venture in FTR’s favour. The main features of the letter of intent listed below.

– The offeree company for this Joint Venture will be Nordic Mines Market AB (“NMM”), which today is a wholly owned subsidiary of Nordic Mines. NMM will hold all of the company’s prospecting licence, and all the assets for exploitation. Nordic Mines will contribute to the Joint Venture with buildings, processing facility and a permit which will meet 49 % of the Joint Venture. FTR will contribute USD 18 000 000, an operational team, a business plan and know-how which will correspond to 51 % of the Joint Venture. NMM contains all the operational activities within the Nordic Mines group.

– Samarbetsföretaget will be driven by a working group consisting of five members. Three of these will be appointed by the FTR and two will be appointed by Nordic Mines. The intention of the parties is that any profits from the NMM on the gold production will be distributed to each party in the form of dividends.

– The parties intend to sign a legally binding agreement by 25 June 2017. This includes FTR undertakes to pay the sum USD 18 000 000 (approximately 116 M), by 25 August 2017. To initiate the legally-binding documentation, this proposed Joint Venture secured approval from shareholders representing approximately 40 % of the capital and votes in Nordic Mines, for the necessary röststödsavtal, the freezing of kreditorers claim and the exclusive arrangements with the FTR for the period up to August 25, 2017, in order to complete the transaction. With the freezing of the kreditorers claim ” refers to loans issued to the NMM will not be imposed despite the fact that these are overdue. In exchange for this pay FTR the sum of 887 100 EUR (about 8.7 MILLION) to the Company with immediate effect and no later than during the week starting Monday 12 June 2017 by certified copy of bank transfer to the Company. The agreement will be subject to the approval of the shareholders at a forthcoming extraordinary general meeting to which the notice will take place.

– As a result of the proposed Joint Venture will Lau Su Holding AB (“Lau Su”) no longer support the issue of new shares in the Company as determined by the board under the condition of shareholders and the subsequent approval and communicated, 2017-06-01 in the notice convening the annual general meeting.


– Lau Su signed the letter of intent and has agreed to support a 51:49 Joint Venture model, which involves a binding commitment to the investment of USD 18 000 000.

For further information, please contact:

Torbjörn Bygdén

Företagsekreterare and Investor Relations

00 46 (0) 70 301 45 46

Lindhagensgatan 94, box 34212

10026 Stockholm, sweden

For more information about Nordic Mines, please visit

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 as indicated above, the June 8, 2017 10:30 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

Press release June 7 SEE

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