Press Release 21 November 2017

Summon to extra ordinary shareholder meeting in Nordic Mines AB (publ)

The shareholders of Nordic Mines AB (publ), Company Registration Number 556679-1215 ("The Company") are invited to attend the Extraordinary General Meeting on Thursday 21 December 2017 at. 13.30 at Azets Insight AB's office, Lindhagensgatan 94, Stockholm.

Right to attend the meeting
Shareholders who wish to attend the meeting must be included in the share register kept by Euroclear Sweden AB on Thursday, 14 December 2017, and no later than 19 December 2017, preferably no later than 19 December 2017. 15, register their participation with the Company either at: Nordic Mines AB (publ), c / o Azets Insight AB Att. Torbjörn Bygdén, Box 34212, 100 26 Stockholm, phone +46 70 301 4546, or by e-mail to torbjorn.bygden@azets.com.

Upon notification, the shareholder must name, person or organization number, address, telephone number, e-mail address, possible assistants and information about shareholdings. A power of attorney form for shareholders wishing to attend the meeting through agents will be available on the company's website www.nordicmines.com. Shareholders represented by representatives shall issue a day-to-day proxy for the representative. If a power of attorney is issued by a legal person, a copy of the registration certificate or equivalent of the legal person must be attached. Proxy and registration certificate should be sent by letter to the Company in good time before the Meeting at the above address. The power of attorney must not be older than five years.

Shareholders who have their shares registered by banks' affiliates department or other trustees must temporarily register the shares in their own name with Euroclear Sweden AB in order to participate in the meeting. Such registration must be completed by 19 December 2017 and the administrator should thus be notified in advance before the said date.

Notification of other questions can be handled within the framework of the extra session, provided that they are notified by 30 November 2017.

Draft agenda

  1. Opening of the meeting
  2. Election of chairman of the meeting, election of secretary
  3. Establishment and approval of voting rights
  4. Election of one or two adjudicators
  5. Examination if the meeting has been convened
  6. Approval of agenda
  7. Replacement of the auditor according to the Board's proposal to Finnhammar Revisionsbyrå
  8. Change of name whereby "(publ)" is removed according to the Board's proposal
  9. Amendments to the Articles of Association with regard to the absence of suits are referred to as "Postal and domestic newspapers" as proposed by the Board
  10. The AGM's decision on proposals from the Board to make its seats available. The current entire board makes their seats available. Has received proposals for new members, Anneli Önneby, Håkan Gustafsson and Henrik Hilmand.
  11.  Closure of the meeting

För additional information contact:

Torbjörn Bygdén

Torbjorn.Bygden@azets.com
00 46 (0) 70 301 45 46
Lindhagensgatan 94, box 34212
10026 Stockholm

For more information Nordic Mines, besök www.nordicmines.com/.

 

Nordic Mines is a Nordic mining and exploration company. The 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 its reporting regulations for public mining and exploration companies.

 


 

Press Release 14 November 2017

Summary of Nordic Mines AB's situation

On 30 June, the AGM made decision on a rights issue, which was suspended due to the Board's uncertainty regarding projected success. In an extraordinary meeting convened on September 8, 2017, it was resolved to implement a joint venture with Firesteel Resources (FTR) and supported by Lau Su Holding.

With the extraordinary general meeting's decision in the background, the Board has since been working to keep bankruptcy away, which has meant:

  1. Reduce the liabilities of Nordic Mines AB through negotiations with creditors and to secure a loan from FTR of approximately 3.3 million SEK.
  2. Communicate with the reconstruction lawyers in Finland regarding the approval of the plans for a major investment, large enough to cover the debts in, in particular, Nordic Mines Oy.
  3. Initiate sales of the assets In Finland belonging to Nordic Mines AB, including a property in the Laiva area, two drilling rigs. This is to strengthen the cash register and keep bank-ruptcy at a distance.

The construction of the agreement with FTR, in particular the repayment of FTR's loans to Pandion, proved incompatible with Swedish accounting law and the agreement was therefore required to be amended. In this context, FTR would increase its first investment from CAD 17 mil to CAD 21 million, thus gaining 60% Nordic Mines earlier than first agreed.

This money should be used to:

  1. Pay debts to feed owners in Finland;
  2. Repay loans to Lau Su Holding, Lau Tzu Investment and Jade Global, totaling 2 million USD
  3. Payment of expenses Nordic Mines AB had for subsidiaries, which shall agreement is covered by FTR
  4. Remaining for hiring staff, purchasing equipment and generally preparing the mine for production.

FTR will buy the remaining 40% within 3 months after the first payment is made. Payment to Nordic Mines shareholders is in the form of 40% of FTR's shares.

It should be pointed out that these adjustments to the agreement were made after first receiving acknowledgement from our majority shareholder. The Board thus had only two alternatives, an agreement with FTR or bankruptcy.

The increase in value The FTR share has so far been very good, and can be expected to be significantly higher once production starts.

In order to give the new board maximum time and effort, we propose that the old board make its seats available and also open up for broadening of the board. At least the company must have three board members.

Board of Nordic Mines AB

For more information Nordic Mines, besök www.nordicmines.com/. 

Nordic Mines is a Nordic mining and exploration company. The 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 its reporting regulations for public mining and exploration companies.


 

Press Release 6 Oktober 2017

The Board's update of the position and considerations made by the Board

The Board's first priority has been to avoid bankruptcy. The loan issued by Firesteel Resources (FTR) means that the immediate threat is now eliminated. Secondly, it has been to crystallize how the company will function as Nordic Mines AB becomes a holding company under the Joint Venture (JV) agreement concluded with FTR. Last but not least, on the Board's agenda, it has been important to obtain guarantees that shareholders can anticipate a listing on an appropriate stock exchange.

In our efforts to avoid bankruptcy, we have offered our suppliers to pay a portion of the debt and thus a 75% impairment of their claims.

The loan we received from FTR of 500k CAD (3,250,000) and runs with: LIBOR + 5% (approximately 7%). The company has managed to negotiate a lower interest rate which was initially set at 12%.

To act as a holding company without recurrent income means we must ensure that costs are minimized. Dividend from JV cannot anticipated in quite some time. This means that we need to review more cost effective solutions for website, accounting, auditing etc. All of these will be renegotiated or discontinued. The Board and CEO work today without compensation.

Returning to the issue of listing of the company on a renowned stock exchange, we have managed to obtain a written letter of intent by FTR for listing on the Toronto Stock Exchange TSX. This process is now under preparation and the next step can begin as soon as JV has formed up.

The value of Nordic Mines part in the event that FTR would use the right to purchase the entire Nordic Mines would in earlier agreements be fair mark value. Since FTR has now in writing promised to list the new company, and that text has been changed to "equity value".

There are some remaining issues to be dealt with in Nordic Mines OY, which is under Finnish reconstruction under the law firm Krogerus. Krogerus has the task of approving all investments in the company. Thus, there are far-reaching requirements for investment plans that must be approved. Krogerus has expressed his satisfaction that FTR enters the business.


For additional information contact:

Claes Jansson, Managing Director, Company secreterare och Investor Relations

Claesjansson7@gmail.com

For more information Nordic Mines, visit www.nordicmines.com/. 

Nordic Mines is a Nordic mining and exploration company. The 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 its reporting regulations for public mining and exploration companies.




Press Release 13 September 2017

The Board informs about continuous work 

At recent EGM on September 8, a large majority decided that a Joint Venture (JV) with Firesteel Resourses was to be closed as soon as possible. Details of the agreement can be found in previous press releases.

At the meeting, Hans Andreasson and Torsten Börjemalm resigned from the board and Fred Boman and Claes Jansson were elected.

After intensive work on both sides of the Atlantic, all signatures are now in place. JV Agreement as well as Management Service Agreement and also an agreement governing the repayment of loans to Lau Su, Lau Tzu and Jade Global.

Nordic mines AB will receive a loan from Firesteel to be able to maintain payment of salaries, taxes and suppliers. Firesteel has committed 500,000 CAD to "keep the light on" in Nordic Mines until our part JV generates revenue. Negotiations with our creditors are also ongoing on debt write-downs, in order to avoid bankruptcy.

The Board has also been in contact with Mangold Fund Commission to investigate the opportunities of listing and thereby be able to trade with Nomi shares.

In addition, the Board has decided to appoint Board member Claes Jansson as new CEO of Nordic Mines AB, which complies with the requirements of the regulations. Claes has agreed not to take any compensation from the company as long as the financial difficulties prevails.

If you have questions or comments, please contact Claes at nordicclaes@gmail.com

We will continuously provide information on developments on this website


For additional information contact:

Torbjörn Bygdén 
Company secreterare och Investor Relations 
Torbjorn.Bygden@azets.net 
00 46 (0) 70 301 45 46 
Lindhagensgatan 94, box 34212 10026 Stockholm

For more information Nordic Mines, besök www.nordicmines.com/. 

Nordic Mines AB (publ.) is obliged to make this information public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 21 September 2017. 

Nordic Mines is a Nordic mining and exploration company. The 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 its reporting regulations for public mining and exploration companies

 

 

Press Release 8 September 2017

Nordic Mines AB Extraordinary General Meeting 8 September 2017

At the Annual General Meeting, proposals from Firesteel Resources Ltd and proposals from Lau Su Holding AB were presented and decided upon. At the meeting, Lau Su withdrew its proposal and the AGM resolved to approve proposals as Board and Firesteel have prepared in the form of Joint Venture in Nordic Mines Marknad AB. Nordic Mines has previously informed about the deal in detail, which can also be found such as press releases.

Firesteel intends to invest the corresponding CAD 20m in the business and to finance Nordic Mines AB with loans until Laiva's activities begin to generate own funds that will flow to Nordic Mines AB.

There is no decision about and when the share is to be noted again. There are a number of options that the board can take into consideration in the ongoing work.

The AGM also decided to approve the resignation application for Board members Hans Andreasson and Torsten Börjemalm. New members of board, Fred Boman and Clas Jansson were elected.

For additional information contact:

Torbjörn Bygdén 
Company secreterare och Investor Relations 
Torbjorn.Bygden@azets.net 
00 46 (0) 70 301 45 46 
Lindhagensgatan 94, box 34212 10026 Stockholm

For more information Nordic Mines, besök www.nordicmines.com/. 

Nordic Mines AB (publ.) is obliged to make this information public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 14 September 2017. 

Nordic Mines is a Nordic mining and exploration company. The 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 its reporting regulations for public mining and exploration companies.