The Swedish Securities Council issues a statement with respect to Nordic Mines
The English text is an unofficial translation of the Swedish original, and in the event of any discrepancies between the Swedish text and the English translation the Swedish text shall take precedence.
PRESS RELEASE 13 January 2016
The Swedish Securities Council has attended to a petition from Nasdaq Stockholm AB regarding the new issue of shares with preferential right for existing shareholders in Nordic Mines AB (publ) ("Nordic Mines" or the "Company") which was completed during the fourth quarter 2015 (the "Rights Issue"). The Swedish Securities Council makes the appraisal that the approach by which Lao Su Holding AB was allowed to subscribe for new shares in the Rights Issue was not in accordance with good practice on the stock market.
The Company regrets that the Securities Council has reached the conclusion set forth in the Council's statement, especially given that the Company, in consideration of the extremely distressed financial situation that the Company found itself in at the time of the Rights Issue, could not see that any alternative options were available to the Company. As is further set forth in the Company's statement to the Securities Council, it is the view of the Company that there was a high probability that the Finnish composition plan would have defaulted should the Company have failed to complete the Rights Issue, which in turn could have lead to a new reorganisation, bankruptcy or other liquidation of the Company.
For further information, please contact:
Eva Kaijser, CEO,+46 (0)70 932 09 01
Jonatan Forsberg, CFO, +46 (0)76-105 13 10
The information presented above has been disclosed pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was published on 13 January 2016 at 10:30 a.m.
Nordic Mines is a Nordic mining and exploration company. The Laiva mine in Finland produced gold between 2011 and 2014. The deposit is among the largest in the Nordic region. Nordic Mines is a member of SveMin and applies its reporting regulations for public mining and exploration companies. The Nordic Mines share has been admitted for trading on Nasdaq Stockholm's Small Cap list. Also refer to www.nordicmines.se .
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Nordic Mines AB via Globenewswire
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