PRESS RELEASE August 6, 2014
Swedish reorganization procedure
The District Court of Uppsala has today held creditor committee meetings in
regards to the composition plan proposals filed with the District Court by the
administrator for Nordic Mines AB (publ)'s ("Nordic Mines" or the "Company")
Swedish companies. On today's creditor committee meetings all creditors
represented in the meetings voted in favour of the composition plan proposals.
For unsecured creditors, the composition proposals would imply full cash payment
of receivable up to SEK 9,000 (approximately EUR 1,000) and 10 percent payment
of claims in excess of that. Final decision on the proposals is to be decided by
the District Court of Uppsala tomorrow August 7, 2014.
Finnish reorganization procedure
The District Court of Ule?borg has previously made its decision to adopt the
composition plan proposal filed with the District Court by the administrator for
Nordic Mines AB (publ)'s ("Nordic Mines" or the "Company") Finnish subsidiary.
For all unsecured creditors of the subsidiary, the composition plan implies full
cash payment of receivables up to EUR 1,000 (SEK 9,000). For receivables in an
amount exceeding EUR 1,000, the composition plan implies that 10 percent of the
aggregate amount of the receivable will be paid. The composition plan includes
conditions allowing the Company's lenders and the supervisor of the corporate
restructuring to apply for the lapsing of the corporate restructuring if, inter
alia, a final agreement is not reached with the Company's lenders by the August
8, 2014 at the latest (please refer to "Ongoing discussion with the Company's
Ongoing discussion with the Company's lenders
The Company disclosed through a press release on June 5, 2014 that the Company
had entered into a non-binding so called term sheet with the Company's lenders
regarding the principal conditions including, inter alia, write-downs of
existing claims. Subsequently to that, the Company has continued to discuss the
terms and conditions with the lenders and administrators in Sweden and Finland
in order to reach a final agreement. Such final agreement has not yet been
reached with the lenders.
Conditioned Rights Issue
Nordic Mines' extraordinary general meeting resolved on April 28, 2014 to
approved the Rights Issue previously resolved by the Board of Directors. The
Rights Issue is intended to provide the Company with at least SEK 150m. The
application period runs, following extension (as per press release on July
25, 2014) up until August 15, 2014.
Applications to subscribe for shares in the Rights Issue, with or without
preferential right, are conditional upon that, by the last day of the
application period at the latest, a final agreement is reached with the
Company's lenders as well as the Swedish and Finnish court respectively has
determined on composition plans in regards to the ongoing Swedish company
reorganisation and the Finnish company reorganisation in relation to companies
within the group.
For further information, please contact:
Thomas Cederborg, CEO, +46 (0) 708 480 521
Jonatan Forsberg, CFO, +46 (0) 761 051 310
For further information regarding Nordic Mines, please see; www.nordicmines.se.
The information above has been made public in accordance with the Securities
Market Act and/or the Financial Instruments Trading Act. The information was
submitted for publishing at 12.30 (CET) on August 6, 2014.
Nordic Mines is a Nordic mining and exploration company whose vision is to be
one of the leading gold producers in the Nordics and Europe and a role model in
respecting the environment. The company started mining gold in the Laiva mine in
Finland in the end of 2011. These gold deposits are among the largest in the
Nordic region. Exploration is in progress in Finland and in Sweden. Nordic Mines
was established 2005 and have more the 100 employees with head office in
Uppsala, Sweden, The Nordic Mines share is traded on the Nasdaq OMX Small Cap
list in Stockholm.
Nordic Mines informs.pdf:
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Source: Nordic Mines AB via GlobeNewswire