Creditors supports the continued reorganization of Northland’s subsidiaries
Luxembourg, August 4, 2014 – Northland Resources S.A. (OSE: NAUR, Frankfurt: NPK, Nasdaq OMX/First North: NAURo – together with its subsidiaries “Northland”, “NRSA” or the “Company”) announces that the creditors for the Company’s subsidiaries in reorganization supports the preliminary reorganization plan that was presented at today’s creditors meeting at the Luleå District Court (the “District Court”). The reorganization will therefore continue.
At the creditors’ meeting that was held today as a part of the reorganization for the Company’s subsidiaries, the preliminary reorganization plan was presented by the appointed administrator, Lars Söderqvist. The creditors was entitled to express their opinion regarding whether or not the reorganization should proceed.
As the creditors showed its support at the meeting, the District Court determined that the reorganization should proceed in accordance with the preliminary reorganization plan.
For more information, please contact:
Johan Balck, CEO: +46 920 779 00
Johan Dagertun, Vice President Financing and Business Control: +46 920 779 00
Niclas Dahlström, Communication Manager: +46 70 382 99 77
Or visit our website: www.northland.eu
Northland is a producer of iron ore concentrate, with a portfolio of production, development and exploration mines and projects in northern Sweden and Finland. The first construction phase of the Kaunisvaara project is complete and production ramp-up started in November 2012. The Company expects to produce high-grade, high-quality magnetite iron concentrate in Kaunisvaara, Sweden, where the Company expects to exploit two magnetite iron ore deposits, Tapuli and Sahavaara. Northland has entered into off-take contracts with three partners for the entire production from the Kaunisvaara project over the next seven to ten years. The Company has also finalized a Definitive Feasibility Study (“DFS”) for its Hannukainen Iron Oxide Copper Gold (“IOCG”) project in Kolari, northern Finland.
This announcement may include “forward-looking” information within the meaning of applicable securities laws. This forward-looking information can be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case, their negative, or other variations or comparable terminology. This forward-looking information includes all matters that are expectations concerning, among other things, Northland’s results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which it operates. By their nature, forward-looking information involves risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking information is not a guarantee of future performance and that Northland’s actual results of operations, financial condition and liquidity, and the development of the industry in which it operates may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, even if Northland’s results of operations, financial condition and liquidity, and the development of the industry in which Northland operates are consistent with the forward-looking information contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.