Nordic Mines announces action plan

Tue Nov 20, 2012 2:16am EST

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Press release November 20, 2012

  • The Board of Directors announces an action plan which has been developed to ensure the long term profitability of Nordic Mines
  • Fully underwritten rights issue of not more than approximately SEK 282 million
  • Thomas Cederborg is appointed as new CEO

Summary

New issue of shares of not more than approximately SEK 282 million, before transaction costs, with preferential rights for the shareholders of Nordic Mines AB (publ) ("Nordic Mines" or the "Company") (the "Rights issue")

The Rights issue is fully underwritten through subscription and underwriting commitments from a combination of larger shareholders in Nordic Mines and external guarantors, including Eldorado Gold Cooperatief U.A ("Eldorado"), Lennart Schönning, the Chairman of the Board of Directors

The subscription price is SEK 1.10 per new share

Thomas Cederborg, Director of the Board of Nordic Mines, has been appointed as new CEO

Investment plan in place to increase gold production, increase operational reliability and lower the operational costs

Amendment of the loan terms including postponement of the next two amortizations payable to the creditors of the Company, amounting to in total EUR 9.4 million

Berne Jansson is nominated as representative of Eldorado on the Board of Directors

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Source: Nordic Mines AB via Thomson Reuters ONE

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