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

NOMI.ST on Stockholm Stock Exchange

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21 Jul 2014
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Latest Key Developments (Source: Significant Developments)

Nordic Mines publ AB informs on ongoing corporate reorganization procedures in Sweden and Finland
Tuesday, 8 Jul 2014 08:16am EDT 

Nordic Mines publ AB:Updates on the Swedish reorganization procedure.Says that the administrator for the Swedish companies within the Nordic Mines group has to the Uppsala District Court filed composition plans supported by creditors representing at least 40 pct of outstanding unsecured debt.Says the District Court has approved the administrator's composition plan proposals and called for creditor committee meetings on July 30.Says the District Court will decide whether the final composition plan can be decided upon.Says the District Court has the possibility to postpone the completion of the creditor committee meetings for another three weeks after July 30.Says, for all unsecured creditors, the composition plan would imply full cash payment of receivable up to 9,000 Swedish crowns (1,000 euros) and 10 pct payment of claims in excess of that.Updates on the Finnish reorganization procedure.Says the administrator for the Finnish subsidiary is expected to file a composition plan proposal to the Uleaborg District Court as of July 8.Says the creditors to the Finnish subsidiary will be able to respond to the proposal until July 18.Says a request will be filed to the District Court for final decision on the composition plan.Says, for all unsecured creditors, the composition plan would imply full cash payment of receivables up to 1,000 euros (9,000 Swedish crowns) and 10 pct payment of receivables larger than 1,000 euros (9,000 Swedish crowns).  Full Article

Nordic Mines reaches preliminary settlement with lenders
Thursday, 5 Jun 2014 02:00am EDT 

Nordic Mines publ AB:Agrees upon a preliminary settlement with the company's lenders regarding the principal conditions including, inter alia, write-downs of existing claims.The settlement aims to, along with the ongoing rights issue in Nordic Mines and the targeted settlement with suppliers, restart the Laiva operations and finalize the ongoing corporate reorganizations in Sweden and Finland.The settlement with creditors implies write down of debt from 45.1 mln euros (about 406 mln Swedish crowns) to 12.5 mln euros (about 113 mln crowns).The settlement also implies one-off cost of 2.5 mln euros (about 23 mln crowns) to pay accrued interest and other costs related to current debt to be paid in two installments.The settlement also implies issue of warrants in Nordic Mines directed to the company's creditors.The new shares that can be subscribed by exercising the warrants, through a set-of issue of existing claims, should after the rights issue be equal to the higher value of 12 pct of outstanding shares or 2.5 mln euros (about 23 mln crowns).The remaining debt of 12.5 mln euros (about 113 mln crowns) will have a maturity of five years.The application period for the rights issue of at least 150 mln crowns is extended until July 11, but may be extended further.The company estimates that approximately 150 million crowns is needed to restart the Laiva operations.  Full Article

Nordic Mines announces new deadline for finalizing work on reconstruction plan for Nordic Mines Oy
Monday, 2 Jun 2014 10:00am EDT 

Nordic Mines publ AB:Says District Court in Uleaborg has extended deadline for finalizing reconstruction plan regarding Nordic Mines Oy.The new deadline is June 8.  Full Article

Nordic Mines publ AB proposes no dividend for FY 2013
Tuesday, 27 May 2014 02:00am EDT 

Nordic Mines publ AB:Says it board of directors proposes that no dividend be paid for FY 2013.No dividend was paid for FY 2012.  Full Article

Nordic Mines updates on new share issue terms
Monday, 28 Apr 2014 09:06am EDT 

Nordic Mines publ AB:Says the company's Extraordinary General Meeting (EGM) approved the proposed issue of between 5,000,000,000 and 6,483,122,088 new shares with preferential rights for the company's existing shareholders.The existing shareholders will be assigned 19 subscription rights for each share held.One subscription right will entitle the holder to subscribe for one new share.Subscription price has been set at 0.03 Swedish crown.Full subscription of the offer will provide the company with proceeds of maximum 194 Swedish crowns before issue costs.The Board has a right to withdraw the offer on May 4 at the latest in case the negotiations on settlement with the company's lenders are not progressing as expected.The EGM also approved two private placements directed towards the company's long-term investors and creditors.  Full Article

Nordic Mines presents a preliminary financing solution and resolves on terms for share issues
Monday, 28 Apr 2014 02:00am EDT 

Nordic Mines publ AB:Negotiates with the Company's current lenders, Unicredit Bank AG, Bank of America Merrill Lynch Intl Ltd and Finnvera Plc, to reach a settlement intended to reduce the debt level of the company.The lenders have responded positively to a settlement to write down the existing loans to 15 million euros (circa 135 million Swedish crowns), of which about 2.5 million euros (circa 22.5 million crowns) will be converted into shares through a set-off issue.The set-off issue will result in 750,000,000 new shares in Nordic Mines, representing circa 10 percent of the total shares outstanding if the rights issue becomes fully subscribed.Remaining loans of 12.5 million euros (circa 112.5 mln crowns) have a term to maturity of five years and will be amortized during yeas 3-5.The interest will be accumulated and added to the debt during the first two years, followed by cash interest payment during years 3-5.Resolves on a private placement to long-term investors, where the share capital shall be increased by a maximum of 30 mln crowns.The number of shares will be increased by a maximum of 3 billion, at 0.03 crowns per share.In a private placement to creditors, the right to subscribe for shares will be limited to UniCredit AG, Bank of America Merrill Lynch Intl Ltd, and Finnvera Plc (or their related parties).The number of shares will be increased by a max. of 750,000,000.For each new share 0.03 crowns will be paid through set-off of current debt.  Full Article

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

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