Successful equity issue in place for Keliber
Nordic Mining’s associated company Keliber Oy (“Keliber”) in Finland has successfully concluded an equity issue with gross proceeds of approximately EUR 2.2 million; similar to approximately NOK 18.5 million. The new financing will be used for i.a. exploration drilling and process optimisation test work. Keliber targets to finalise a pre-feasibility study for the lithium project around year-end 2014 or early 2015.
Nordic Mining is currently focusing its financial resources on the Engebø rutile project with the purpose to conclude activities related to the government’s request for supplementary information in connection with the industrial area plan and the application for waste disposal. As a consequence, Nordic Mining decided not to participate in the share issue in Keliber. Following from that, Nordic Mining’s shareholding in Keliber has been reduced.
The share issue was mainly subscribed by existing shareholders in Keliber. After the share issue, Nordic Mining remains the largest shareholder in Keliber with 25.9%. Finnish Industry Investment Ltd. is the second largest shareholder with 20.7%.
CEO Ivar S. Fossum comments: “We are satisfied that Keliber has obtained additional financing for its ongoing project development work. We look forward to the results from the ongoing drilling campaign and remain confident that the resource base will be increased. We trust that the scheduled pre-feasibility study will establish valuable parameters for a profitable lithium project in Finland.”
For further information please contact CFO Lars K. Grøndahl, telephone +47 901 60 941.
Oslo, 27 June 2014
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 a high international standard and holds a significant economic potential. The Company’s assets are mainly in the Nordic region.
Through the subsidiary Nordic Rutile AS Nordic Mining is undertaking large-scale project development at Engebøfjellet in Sogn and Fjordane where the Company has rights to a substantial eclogite deposit with rutile and garnet. 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 in the Øksfjord region 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.