NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN
Private Placement
In the Private Placement, the Company is offering up to 28.7 million new shares, representing up to approximately 17 % of the outstanding capital of the Company. The price in the Private Placement will be determined through an accelerated bookbuilding process to be conducted by the Managers. The minimum application and allocation amount have been set to the NOK equivalent of
Use of proceeds and procedure
The proceeds from the offering will be used primarily to finance the Engebø project until the construction financing has been secured. This includes all activities relating to front-end engineering and design (FEED) and to secure a financing package.
The bookbuilding period for the Private Placement opens today at
The Company has considered the Private Placement in light of the equal treatment obligations under the Norwegian Securities Trading Act and Oslo Børs' Circular no. 2/2014 and is of the opinion that the waiver of the preferential rights inherent in a private placement is considered necessary in the interest of time and successful completion of the Private Placement in order to obtain the proceeds necessary to finance the Engebø project.
For more information, including risks associated with the investment, see the attached company presentation.
For additional information please contact
Completion of Engebø Definitive Feasibility Study ("DFS")
The key results were provided in a stock exchange notice this morning and is available at https://newsweb.oslobors.no/message/494057/ The Executive summary and a webcast of the presentation are also available at the corporate website https://www.nordicmining.com/operations/engebo/.
Trading update
In the first quarter of 2019, and following a share issue in Keliber where
The share issue price of
Since
Due to the complexity in estimating the impact of the news flow in the updated fair value calculation of the investment, the Company engaged a reputable independent valuation expert with significant experience within the mining industry. The valuation is based on estimates and assumptions regarding future commodity prices as well as transactions in comparable assets and valuation of similar listed entities.
The Company considers the long-term outlook for lithium to be positive despite the pressure on spot-prices. The Company assessed the external valuation, which provided a range, and narrowed it down to the mid-range of
Q4-19 2019
Balance sheet value
(Loss)/gain
Unaudited preliminary balance sheet:
Unaudited Audited
ASSETS
Non-current assets
Evaluation and exploration assets 26.1 25.6
Financial assets 90.8 0.0
Investment in associate 0.0 21.3
Other non-current assets 0.6 0.2
Total non-current assets 117.5 47.1
Current assets
Trade and other receivables 4.0 2.5
Cash and cash equivalents 30.6 49.9
Total current assets 34.7 52.4
Total assets 152.2 99.6
SHAREHOLDERS' EQUITY LIABILITIES
Total equity 143.8 89.5
Non-current liabilities 0.7 0.8
Current liabilities 7.6 9.2
Total liabilities 8.3 10.0
Total shareholders' equity and liabilities 152.2 99.6
For additional information, please contact:
Oslo,
In addition,
https://news.cision.com/nordic-mining-asa/r/nordic-mining-asa--contemplated-private-placement,c3019015
https://mb.cision.com/Main/1583/3019015/1181065.pdf
https://mb.cision.com/Public/1583/3019015/aff1602c684ba84b.pdf
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