Republishing of the Year-End Report 2016
Nordic Mines AB (publ) ("Nordic Mines" or the "Company") wishes through this press release announce that the company's year-end report for 2016 is being republished with editorial changes.
The tables on pages 11, 13 and 20 have been completed and an additional comment has been added on page 20.
Year-End Report 2016
Fourth quarter of 2016
- Revenues were SEK 0.0 million (SEK 0.0 million Q4 2015) as the Laiva Mine is on care and maintenance and not in production.
- The Company reported an operating loss of SEK -12.3 million (SEK -25.0 million Q4 2015).
- Loss after tax for the period amounted to SEK -12.5 million (SEK 76.1 million Q4 2015), corresponding to SEK -0.02 (SEK 0.36) per share.
- Cash and cash equivalents were SEK 2.8 million (SEK 3.5 million 30 September 2016) at the end of the period. Thus, the Company currently does not have sufficient funds to cover its needs for the next three months starting from the date of this report.
- Equity was SEK 489.7 million (SEK 501.9 million 30 September 2016) at the end of the period.
- Secured shareholder loans of SEK 4.5 million to fund the running costs of the Company.
- On 19 October, the Company appointed Mr.Ola Wahlquist, ex Audit Partner of the Year 2015, Ernst & Young as a Senior Advisor. Mr Wahlquist is a subject matter expert in Risk Management, Compliance and Audit related issues.
- On 25 October, Nordic Mines announced the appointment of Mr Tony Butler as CFO and Mr Rune Nordström, as its Head of Corporate Communications and Investor Relations.
- On 27 October, Nordic Mines appointed Ludmilla Lundberg as Senior Advisor, Compliance & Reporting. Ludmilla comes with 20 years of experience in compliance and reporting
- On 30 November, the Company announced a shareholder loan with Lau Su Holding AB and announced the Company's intention to hold an Extraordinary General Meeting to seek shareholder approval to amend the articles of association in order to create a new preferential class of shares and to approve a placement of USD1.5 million in a combination of preferential and ordinary shares to Lau Su Holding AB. On 9 January the Board of Directors resolved to cancel the Extraordinary General Meeting and the proposed financing in favour of pursuing alternative fundraising, on which see below.
- On 21 December, the Company received assay results from the first batches of the Bjorkdal sorting test sample carried out in September. It is evident that optical sorting systems have the potential to transform the economics at the Laiva mine. Whilst the forecast upgrades to 1.33 g/t were close to our best expectation, it is clear that further threshold optimization work needs to be carried out
Full Year 2016
- Revenues were SEK 0.0 million (SEK 0.0 million 2015) due to the production stop at the Laiva mine.
- The Company reported an operating loss of SEK -37.2 million (SEK -92.3 million 2015).
- Loss after tax for the period amounted to SEK -37.3 million (SEK 0.0 million 2015), corresponding to SEK -0.07 (SEK 0.00 2015) per share.
- Total comprehensive income for the period was SEK -35.2 million (SEK -2.6 million 2015).
Significant events after December 31, 2016
- On 9 January 2017, the Board of Directors decided to cancel the extraordinary general meeting discussed above. The decision was taken because the Board of Directors of Nordic Mines has decided to take necessary steps to carry out a rights issue of common shares to the Company's shareholders of approximately USD 5.0 million, subject to shareholders' approval.
- On 18 January, Nordic Mines appointed the investment bank, Evli Bank plc to lead a rights issue on behalf of the Company.
- On 18 January, the Company announced the resignation from the Board of Directors of Mr Pranay Panda with immediate effect.
- The Company secured a further SEK 2.6 million (USD 0.3 million) in shareholder loans from Lau Su Holding AB.
Note
Nordic Mines is required to publish this information pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was published on 1 March 2017, at 15:00 GMT.
For further information, please contact:
Rune Nordström, Head of Corporate Communications and Investor Relations,
+46 70 602 65 20
Mail: rune.nordstrom@nordicmines.com
info@nordicmines.com
Attachments:http://www.globenewswire.com/NewsRoom/AttachmentNg/e44ce1ce-8606-4829-b09f-6a3ca5bf75bf
