Rights issue in Keliber oversubscribed
Nordic Mining’s associated lithium company Keliber Oy (“Keliber”) has successfully concluded a rights issue with gross proceeds of approximately EUR 2.9 million. Being Keliber’s largest shareholder, Nordic Mining participated in the rights issue pro rata to its 25% shareholding.
Subsequent of the recently completed pre-feasibility study (“PFS”) for the lithium project, Keliber has successfully concluded a rights issue with gross proceeds of approximately EUR 2.9 million. A majority of the shareholders participated in the share issue. Nordic Mining participated pro rata to its 25% shareholding and remains the largest shareholder in Keliber.
The new financing will be used for further development work towards the bankable feasibility study which is scheduled for completion mid-2017.
CEO Ivar S. Fossum comments: “The comprehensive groundwork laid down in the PFS and the current dynamics in the lithium industry are an exciting background for this equity issue. Together with the other shareholders, Nordic Mining will take an active part to develop and position Keliber industrially and financially to optimise the shareholder values. The forthcoming considerations could possibly include evaluation of a listing/IPO of Keliber and/or partnership models, as well as various grant schemes.”
For further information please contact CFO Lars K. Grøndahl, telephone +47 901 60 91.
Oslo, 1 April 2016
Nordic Mining ASA
Nordic Mining ASA (www.nordicmining.com)
Nordic Mining ASA (“Nordic Mining” or “the Company”) is a resource company with focus on high-end industrial minerals and metals in Norway and internationally. The Company’s project portfolio is of high international standard and holds a significant economic potential. The Company’s assets are in the Nordic region.
Through the subsidiary Nordic Rutile AS Nordic Mining is undertaking a large-scale project development at Engebøfjellet in Sogn and Fjordane where the Company has rights and permits to a substantial eclogite deposit with rutile and garnet. Permits for the project have been granted by the Norwegian government. Nordic Mining has rights for exploration and production of high-purity quartz in Kvinnherad in Hordaland and develops the project through its subsidiary Nordic Quartz AS. Nordic Mining’s associated company Keliber Oy in Finland plans to start mining of lithium bearing spodumene and production of lithium carbonate. Nordic Mining holds exploration rights on the Øksfjord Peninsula in Troms and Finnmark, where the Company has discovered a prospective area of sulphide mineralisation. Through the subsidiary Nordic Ocean Resources AS, Nordic Mining is exploring opportunities related to seabed mineral resources.
Nordic Mining is listed on Oslo Axess.