Nordic Mines AB (publ) and Firesteel Resources Inc. agree to a revision of previously announced agreement
Nordic Mines and Firesteel announces amendments to agreement signed on June 7, 2017 in MoU (memorandum of understanding). Thus
- Initially the joint venture will be 51% Firesteel and 49 % Nordic Mines AB on investment of CAD 18.000.000
- Firesteel will acquire a further 9% of the investment Nordic Mines Marknad AB after investing a further CAD 4.000.000 and production of 5.000 ounces of gold
- The joint venture has the support of the Nordic Mines board and major shareholders
- Firesteel has voting lock agreement for around 40% of Nordic Mines shareholders to be voted in Firesteel' favour
- This is considered an arm's length transaction
By investing CAD 18.000.000 Firesteel will acquire 51% of the investment Nordic Mines Marknad AB. Nordic Mines will have 49% by contributing the mill, mineral reserves and exploration assets. After the investment, Firesteel will acquire an additional 9% by investing CAD 4.000.000 on a production of 5.000 ounces of gold. Firesteels ownership will then be 60%.
The remaining balance of Nordic Mines Marknad will be acquired at fair market value once the mine is returned to production.
The transaction is subject to shareholder and regulatory approval and is subject to the rules of Nasdaq OMX Stockholm Small Cap and TSX Venture Exchange.
For additional information, please contact:
Company Secretary & Investor Relations
00 46 (0) 70 301 45 46
Lindhagensgatan 94, Box 34212
Nordic Mines AB (publ.) is obliged to make this information public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 16 June 2017 16:00 CEST.
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. For further information, see www.nordicmines.com.
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