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Nordic Mines AB: Nordic Mines informs on the ongoing corporate reorganisation procedures in Sweden and in Finland

2014-08-06 12:30:00
Ticker Giełda ISIC Kraj Miasto
NOMI XSTO Sweden Uppsala

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

lenders" below).

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