Nordic Mines has secured Bridge financing

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, HONG KONG, JAPAN CANADA, SINGAPORE OR SOUTH AFRICA OR IN ANY JURISDICTION IN WHICH THE DISTRIBUTION OF THIS RELEASE WOULD BE UNLAWFUL. Press release June 4, 2012 Nordic Mines AB (publ) ("Nordic Mines") has secured bridge financing of SEK 95 million which will be used for the company's obligations until Nordic Mines obtains the proceeds from the already announced fully underwritten...

Press release June 4, 2012

Nordic Mines AB (publ) ("Nordic Mines") has secured bridge financing of SEK 95 million which will be used for the company's obligations until Nordic Mines obtains the proceeds from the already announced fully underwritten rights issue of approximately SEK 220 million 

On May 23, 2012 Nordic Mines announced an underwritten rights issue of approximately SEK 220 million before issue costs, subject to approval by the Extraordinary General Meeting on June 15, 2012.

Since the issue proceeds in the forthcoming rights issue will not be available to the company before the end of the subscription period, which is expected to be July 5, 2012, Nordic Mines has obtained bridge financing. The bridge financing enables Nordic Mines to perform its obligations to its lenders by the end of June 2012.

The bridge financing has been procured at market conditions from a consortium consisting of Carnegie Investment Bank AB (publ) and some of the external guarantors in the rights issue. The bridge financing requires, inter alia, approval of the rights issue at the Extraordinary General Meeting on June 15, 2012. The bridge financing will be repaid when Nordic Mines obtains access to the issue proceeds.

The Board of Directors assess that the underwritten rights issue solves current short term liquidity needs and creates a buffer for the future.

For additional information, please contact

Lennart Schönning, Chairman of the Board of Directors, +46 18 84 345 00
Michael Nilsson, CEO, +46 18 84 345 01

 

For additional information about Nordic Mines, please visit; www.nordicmines.se

 

Uppsala, June 4, 2012
Nordic Mines AB (publ)

 

The information above has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 08.00 on June 4, 2012.

 

 

 

Nordic Mines is a Nordic mining and exploration company whose goal is to be one of the leading gold producers in Europe and a role model in respecting the environment. The company started mining gold in the Laiva mine in Finland in summer 2011. These gold deposits are among the largest in the Nordic region. Exploration is in progress in Finland and Sweden. Nordic Mines has 86 employees and its head office is in Uppsala. The Nordic Mines share is traded on the Nasdaq OMX Mid Cap list in Stockholm.

 

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