CHANGES IN THE CURREN TEKES LOAN AND DEVELOPMENT LOAN OFFER
Tekes - the Finnish Funding Agency for Innovation, have decided to extend the grace period of the current loan of 514 000 EUR (4 972 KSEK) to Sotkamo Silver Oy. The first amortisation is to be done in June 2019 instead of June 2017.
Tekes has also changed the terms of the development loan offer of 9.4 MEUR (91 MSEK) that was earlier granted to the Company’s fully owned subsidiary Sotkamo Silver Oy. According to the new terms, the project financing of the Silver Mine shall be secured before December 31st, 2017. The terms have also been amended and the external project financing needed is now 20 MEUR while being previously 26 MEUR. As the project's total financing needs have been adjusted down, Tekes's development loans will also be adjusted accordingly to MEUR 6.1 (59 MSEK).
Tekes finances and boosts a wide range of innovation activities in research communities, industry and service sectors.
"I am very pleased about this decision of TEKES. The loan possibility strengthens the company’s possibility to fund the Silver Mine project. The loan will be used to develop an eco-friendly mine based on Best Available Technology (BAT) and the ore sorting technology. One of the main aims is to take advantage of an ore-sorter to increase material and energy efficiency. We believe that the ore-sorter will improve the project's profitability further, when it will be introduced in the production after a ramp-up period ”, says CEO Timo Lindborg
This information is information that Sotkamo Silver AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 11:00 CEST on July 5th, 2017. Contact person Timo Lindborg, CEO of Sotkamo Silver AB, tel. +358 40 508 3507
The official Stock Exchange Releases are given in Swedish and there may be differences in the translated versions.
Stockholm July 5th2017
Sotkamo Silver AB (publ)
Timo Lindborg, CEO
About Sotkamo Silver AB
Sotkamo Silver AB´s business concept is to exploit mineral deposits in the Nordic countries with positive social and environmental benefits. Sotkamo Silver owns mineral deposits, which contain silver and gold in Finland as well as zinc and gold in Norway. The Company’s main development project is the Silver Mine project in the municipality of Sotkamo.
Sotkamo Silver applies SveMin’s & FinnMin’s respective rules of reporting for public mining & exploration companies. Sotkamo Silver has chosen to report mineral resources and ore reserves according to the internationally accepted JORC or NI 43-101 code. The company applies International Financial Reporting Standards (IFRS) as approved by the European Union.
The ticker symbol is SOSI in NGM Equity in Stockholm and SOSI1 in NASDAQ OMX Helsinki.
ISIN-code for Sotkamo Silver shares is SE0001057910.
ISIN- code for share warrants series 2016/2017 are SE0008373880
The number of outstanding warrants are 20,643,198. The Warrant gives the right to subscribe for one (1) share at 4 SEK in August 2017
Legal Entity Identifier (LEI): 213800R2TQW1OZGYDX93
The Company's press releases and financial reports are distributed via Cision Sverige and are available on www.silver.fi