MINING ASSOCIATES’ SUBSIDIARY EUROMIN LIMITED, HAS SUBSCRIBED FOR 1 351 533 SHARES AT THE SECOND SUBSCRIPTION
Mining Associates, a highly respected, independent, international mining Consulting- and Investment firm, has by a directed share issue, through its 100% owned subsidiary EuroMin Limited subscribed for the Second Subscription of 1,351,533.
The Directed Share Issue
The Board of Directors resolved, under an authorization granted by the Annual General Meeting on March 17th 2016 to issue 2,750,105 shares to EuroMin Limited. The right to subscribe for the shares shall, with derogation from the shareholders’ pre-emption rights, only vest in EuroMin Limited .
EuroMin Limited has in 2 tranches subscribed shares for about 2,6 % of outstanding shares and votes. The subscription price was SEK 3.50 per share at both tranches, totally SEK 9,625,367.50 (about 1 million euro).
- First Subscription: EuroMin Limited subscribed for 1,398,572 shares at a total price of SEK 4,895,002 paid in December and registered in January 2nd 2017 at Swedish Companies Registration Office.
- Second Subscription: EuroMin Limited subscribed for 1,351,533 shares at a total price of SEK 4,730,365.50, paid but not yet registered.
Both EuroMin Limited, and its parent company Mining Associates Limited, are registered in Hong Kong, where Mining Associates is headquartered.
The main motivation for the Investment is that it is deemed important and in the Company's interest to bring a new shareholder with extensive global mining knowledge into the Company and to secure financing, necessary for the development of the Silver Mine. The Board of Directors and Mining Associates believe that the subscription price corresponds to the shares market value at the time for signed agreement.
Stockholm, February 14th 2017
Timo Lindborg, CEO
Sotkamo Silver AB discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act.
The official Stock Exchange Releases are given in Swedish and there may be differences in the translated versions.
About Mining Associates:
Mining Associates is a leading global geological, resource and mining consultancy, headquartered in Hong Kong, with offices in Australia, United Kingdom and Canada. Our Consulting Business provides expert technical advice across a wide range of mineral commodities, geological settings and mining methods on a diverse range of projects globally. Our technical skills range from exploration to full feasibility studies, mine development, mining operations and closure.
Mining Associates capital arm seeks projects where we see capital value growth opportunities or short paths to production and cash flow. Mining Associates unlocks value in mineral assets by expanding resources, merging assets, solving technical roadblocks or revising development concepts .
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.
Number of shares and votes are 103,215,990 before the registration of this issue at the Swedish Companies Registration Office. Number of shares and votes after the registration of this issue is 113,527,267.
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
Legal Entity Identifier (LEI): 213800R2TQW1OZGYDX93
Read more about Sotkamo Silver on www.sotkamosilver.com or www.silver.fi
Read more about Mining Associates on www.mining associates.com