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Provider : Reuters Investment Profile
Provider : Wright Reports

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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. 

Company Quote

0.0010 +8.33%
11:30am EDT