Key Developments: Nordic Mines publ AB (NOMI.ST)

NOMI.ST on Stockholm Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Nordic Mines publ AB appoints Jonatan Forsberg interim CFO
Thursday, 13 Mar 2014 03:00am EDT 

Nordic Mines publ AB:Says Jonatan Forsberg has been appointed interim Chief Financial Officer (CFO) of the company.Says Jonatan Forsberg succeeds Susanne Andersson.Says current CFO Susanne Andersson will work further in the company during a transition period.  Full Article

Nordic Mines to temporarily stop production in Finland
Wednesday, 12 Mar 2014 03:01am EDT 

Nordic Mines publ AB:Says its Finnish subsidiary Nordic Mines Oy starts cooperation negotiations to plan for a temporary production stop at the Laiva mine to obtain further cost savings.Says in order to extend the time for corporate reorganization work, including raising external financing, Nordic Mines Oy has the intention to invite employee representatives to cooperation negotiations in accordance with applicable Finnish law.  Full Article

Nordic Mines publ AB announces resignation of CFO Susanne Andersson
Thursday, 20 Feb 2014 02:00am EST 

Nordic Mines publ AB:Says Susanne Andersson Chief Financial Officer will resign from Nordic Mines during spring for a new external assignment.Says the search for a successor has begun.  Full Article

Nordic Mines publ AB to continue corporate reorganization
Monday, 17 Feb 2014 03:01am EST 

Nordic Mines publ AB:Says the Oulu District Court has approved that the work to establish a corporate reorganization plan at the Finnish subsidiary Nordic Mines Oy shall continue.Says the administrator for Nordic Mines Oy has asked the Oulu District Court to extend the time to complete a reorganization plan.Says the Administrator and the company's management continue to investigate the possibility of financing in order to resume full operation based on sufficient profitability.Says the Oulu District Court has approved the time to be extended to May 30.  Full Article

Nordic Mines AB to Continue Reorganization of Finnish Subsidiary
Monday, 18 Nov 2013 02:00am EST 

Nordic Mines AB announced that The Oulu District Court has approved that the work to establish a corporate reorganization plan at the Finnish subsidiary Nordic Mines Oy shall continue. The administrator for Nordic Mines Oy has asked the Oulu District Court to extend the time to complete a profitable long term business plan. The Administrator and the company's management are together investigating the possibility to resume full operation based on sufficient profitability and financing. The Oulu District Court has approved the time to be extended. The next Finnish court-appointed date to present such a plan is the March 3, 2014.  Full Article

Nordic Mines AB Updates on Reorganization of Finnish Subsidiary
Tuesday, 10 Sep 2013 02:00am EDT 

Nordic Mines AB announced that on September 9, 2013 the administrator in Finland, Mr. Hannu Ylonen, at Attorneys Krogerus Oy, filed a basic report at the Oulu District Court. The basic report includes the financial position of the Company's subsidiary, Nordic Mines Oy, at the time of filing for corporate reorganization on July 8, 2013. The next Finnish court-appointed step is a presentation of a complete corporate reorganization plan scheduled for November 18, 2013. In its announcement dated July 29, 2013 Nordic Mines AB stated that the Company's reorganization plan is depending on the Finnish subsidiary‚Äôs corporate reorganization and its reorganization plan, which were to be presented at the Finnish court on September 9, 2013.  Full Article

Nordic Mines AB to Continue Reorganization-DJ
Monday, 29 Jul 2013 08:04am EDT 

Dow Jones reported that Nordic Mines AB and Nordic Mines Marknad AB had on July 29, 2013 a meeting of the creditors at Uppsala Tingsratt (Uppsala District Court). The court decided that the reorganizations shall continue. The Swedish Corporate reorganization plan was presented and it was stated that it is depending on the Finnish subsidiary's corporate reorganization and its reorganization plan, which will be presented at the Finnish court the 9th September 2013.  Full Article

Nordic Mines AB Files for Corporate Reorganization for All Non-Dormant Companies within Group
Monday, 8 Jul 2013 02:01am EDT 

Nordic Mines AB announced that it has on July 8, 2013 filed for corporate reorganization of the Swedish parent company and all non-dormant subsidiaries. The objective with the corporate reorganization procedure is to model a future profitable low-cost production and to find a strategic partner or acquirer to the operations at the Laiva project in Finland. The reorganization procedure concerns the Swedish parent company Nordic Mines AB (publ) and its subsidiary Nordic Mines Marknad AB as well as the Finnish subsidiary Nordic Mines Oy. The lawyer Hakan Rudstrom, at the law firm Lindahl KB, is suggested as administrator for the two first mentioned companies and lawyer Mika Salonen, at the law firm Attorneys at Law Borenius Ltd in Finland, for the Finnish subsidiary. The corporate reorganization procedure is a consequence of that the operations at the Laiva mine in Finland has been loss making since the production start, first quarter 2012. The Finnish subsidiary's liquidity, after amortizations at the end of June 2013, is strained. In addition, the sales income has been negatively impacted from the material decrease in gold price during the second quarter. This way the Company will have time to continue the process within the frame of the original action plan decided by the Board in November 2012. Provided that the Finnish court approves the filing for corporate reorganization, the Finnish subsidiary has the intention to call for negotiations with employee representatives.  Full Article

Nordic Mines AB Pre-Settles Remaining Gold Price Hedge
Friday, 17 May 2013 02:00am EDT 

Nordic Mines AB announced that it has pre-settled the remaining volume of 65,236 troy ounces (tr oz) for the period July 2013 to March 2015 to a cost of EUR 1.8 million. Due to a material fall in gold price, the Company decided to pre-settle the total remaining balance of the gold price hedging agreement to a cost of EUR 1.8 million. In March 2011, in combination with the project financing agreement, the Company entered forward contracts with UniCredit and Standard Bank (the banks) for the period from the first quarter of 2012 until the first quarter of 2015 on 134,280 tr oz of gold at an average price of EUR 1,049 per tr oz. The price follows an incremental curve, in interval from EUR 1,029 up to EUR 1,078 per tr oz under the hedging agreement period. The agreement consists of a gold swap that corrects the deliveries in the quarter to the quarter's price according to the London Bullion Market (LBMA) towards the hedged price. If the LBMA price is higher than the hedged price, the Company compensates the banks for the difference. If the LBMA price is lower than the hedged price, the banks compensate Nordic Mines for the difference. Since the gold price according to LBMA has been higher than the hedged price, Nordic Mines has every quarter so far paid the banks. The Company is delivering/selling dore gold continuously to spot prices according to LBMA. The Company's gross sales are netted with hedging costs.  Full Article

Nordic Mines AB Proposes No FY 2012 Dividend
Wednesday, 13 Feb 2013 07:59am EST 

Nordic Mines AB announced that its Board of Directors and Chief Executive Officer propose that no dividend be paid for fiscal year 2012.  Full Article

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