Nordic Mines AB: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Nordic Mines AB Announces Share Issue; Appoints Thomas Cederborg as New CEO
Nordic Mines AB announced that its Chief Executive Officer (CEO) Michael Nilsson has resigned and will be replaced by Thomas Cederborg, Member of the Board of the Company, effective as of November 20, 2012. The Company also announced that it has decided to increase capital through an issue of new shares. The Board of the Company has decided to conduct a fully underwritten rights issue of up to approximately SEK 282 million before transaction costs. The capital will be used to finance interest payments and redemption of future contracts for hedging of gold, both maturing on December 31, 2012. It will also be used to finance investments to increase production and reliability. The shareholders of the Company will have preferential rights to subscribe for new shares in proportion to the number of shares held on the record date. The final number of shares and the subscription ratio will be determined by the Board on or around December 19, 2012. The subscription price is SEK 1.10 per share. The record date for participation in the issue will be December 28, 2012. Subscription period will run from January 4, 2013 until January 18, 2013. The Company's main shareholders Eldorado and Lennart Schonning (through a company), the Company's Chairman, have subscribed for shares representing approximately SEK 52 million or 18.5% of the issue. Carnegie Investment Bank AB, Lennart Schonning and institutional investors have committed to guarantee the rest of the issue.
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