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Northland Resources SA Files for Reconstruction for Two Additional Subsidiaries and Engage Recore to Advice on Long Term Financing


Tuesday, 12 Feb 2013 03:19am EST 

Northland Resources SA announced that the boards of the Company's Swedish subsidiaries, Northland Sweden AB and Northland Logistics AB, have filed for reconstruction with the Lulea District Court. This comes as a consequence from the reconstruction in Northland Resources AB (publ) initiated on February 8, 2013. In addition, the Board of the Company has decided to engage Recore AS to support the management during the work to secure the long term financing of the Company. This decision has been endorsed by the Company's bondholders and is intended to support the activities to secure the long term financing for the Kaunisvaara operations and the shipping of iron ore concentrate via the Port of Narvik. Northland Logistics AS (Norway) will be indirectly affected by the reconstruction since it forms part of the Kaunisvaara project and as such are partly funded by the Swedish companies in formal reconstruction. Following the reconstruction of the Swedish subsidiaries the Company has been notified by the Toronto Stock Exchange (TSX) that it is being reviewed with respect to meeting the requirements for continued listing. The TSX halted the trading of the Company's Common Shares in anticipation of a meeting with the TSX's Continued Listing Committee, to be held on February 14, 2013 to consider whether or not to continue with the suspension of trading and to delist the Company's Common Shares. At this time, the Company intends to defend its listing.