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Nordic Mining ASA Divests Gudvangen Stein AS


Tuesday, 18 Jun 2013 01:52am EDT 

Nordic Mining ASA announced that the Company has entered into a share sales agreement for Gudvangen Stein AS with Nannok Invest AS and Bjorkehagen AS. Closing date of the transaction has been set to June 18, 2013. There will not be paid any consideration for the sold shares. All assets and liabilities belonging to Gudvangen Stein will remain in the Company. Upon completion, Nordic Mining's guarantee responsibilities towards Gudvangen Stein's bank and leasing companies, in total NOK 5.7 million will be released. Nordic Mining's net loss from the transaction is estimated at approximately NOK 2 million. The divestment of Gudvangen Stein will strengthen Nordic Mining's financial flexibility. The divestment will also enable Nordic Mining to focus on its key projects, in particular the Engebo rutile project. 

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