Fri, 17 Feb 2017 11:30:00 +0100

Nordic Iron Ore’s rights issue oversubscribed – the issue proceeds amounts to 18.3 MSEK

As a result of the rights issue (the “Rights Issue”), the number of shares in Nordic Iron Ore AB (publ) (“Nordic Iron Ore” or the “Company”) will increase from 36,545,550 to 109,636,650 and the total contribution to the Company will amount to SEK 18,272,775 before issue related costs.

The Rights Issue comprises 73,091,100 shares, of which 57,422,284 shares were subscribed by shareholders using their preferential rights, corresponding to 78.6 per cent of the Rights Issue. The remaining 15,668,816 shares, corresponding to 21.4 per cent of the Rights Issue, were subscribed without preferential rights based on shares subscribed with preferential rights. In total, the Rights Issue was oversubscribed by 31.9 per cent.

The proceeds from the Rights Issue will be used to finance the next step in the ongoing feasibility study with the primary objective to complete mine planning and production planning. This part of the feasibility study is one of the most important remaining technical parts since it aims to verify the project’s financial viability. 

Advisers
Hamilton Advokatbyrå KB is legal adviser to the Company and Mangold Fondkommission AB is issuing agent to the Company in the Rights Issue.

För ytterligare information vänligen kontakta:

Paul Marsden Verkställande Direktör
tel: 44 7776 180 988

Lennart Eliasson CFO
tel: 46 240 883 02

Nordic Iron Ore Group is a mining company with the ambition to revive and develop the iron ore production of Ludvika Mines in Blötberget and Håksberg. The company also intends to expand its mineral resources, and upgrade them to ore reserves, primarily through exploration and other studies of the connecting Väsman field. For more information, see www.nordicironore.se.

PR