SUMMARY OF INTERIM REPORT JANUARY - MARCH 2017
- Result for the period was -5,068 KSEK (-2,653) and the result per share was -0.05 SEK (-0.13).
- Other income was 0 KSEK (3).
- Cash and cash equivalents per March 31, 2017 amounted to 150,880 KSEK (156,477).
- Investments during the period January to March 2017 were 5,790 KSEK (1,011).
- Equity as of March 31, 2017 amounted to 287,566 KSEK (287,923).
- In December 2016 EuroMin subscribed for 1,398,572 shares and the issue was registered January 2, 2017. Thereafter they have subscribed for another 1,351,533 shares.
- Market- and finance agreements are under discussion with Traxys.
SUMMARY OF SIGNIFICANT EVENTS AFTER THE BALANCE
- Land- and site work continue as planned and construction planning has started.
The income statement items in this report as well as their comparatives, cover the period January – March, unless stated otherwise. The balance sheet items refer to the respective period end both for the current year and last year.
MESSAGE FROM THE CEO
Mineral exploration and mining industry are cyclical by nature and have had a variety of economic challenges in recent years, but optimism has always existed there. It was fabulous to see this reflected again at the PDAC Convention in Toronto, Canada during my visit earlier this spring.
The convention is the largest annual industry event that attracts investors, analysts, miners, geologists, government officials and students from all over the world. When I visited the convention and the large conference, the activities were on a high level, with more than 24,000 visitors and hundreds of exhibitors. There was a positive atmosphere over the whole area. Willingness to invest as well as activities among investors seem to have increased, and in the Nordic countries we can already see signs of this.
The Company completed a successful issue in July 2016, but needs additional funding to continue its construction work with full power. During the first quarter of 2017 we have continued to work actively to ensure funding, but these activities have taken more time than expected.
We agreed with Traxys Europe SA on marketing- and financing agreements, as if completed, will fully fund the Silver Mine project to the start of production.
After completion of the very detailed technical due diligence process, Traxy's management and board will conduct an assessment process of the project, where the Silver Mine project competes with Traxy's other projects. In addition, further negotiations will be required before the agreements can be signed. These works are going on and the results are expected to be completed in May. Traxys has confirmed in writing, that they are still interested in Sotkamo Silver's project and that they intend to work for a favourable resolution, even though it has been delayed.
The Company still has plenty of liquid funds, so during the spring Sotkamo Silver has prepared the Silver Mine for production by building a new road for heavy traffic and other mining roads. In addition, the necessary ground-, engineering- and planning works have been carried out to keep the planned timetable for production start.
Timo Lindborg, CEO
Interim report Q2 - August 23, 2017.
- Interim report Q3 - November 15, 2017.
- Year-End Report 2015 - February 21, 2018.
- Annual General Meeting – March 15, 2018.
The share capital amounted to SEK 145,369,059.31. Number of shares and votes are 105,966,095. Quota value was SEK 1.37. On the last trading date, March 30, 2017, the market capitalisation was 524 mSEK at closing-date.
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
A complete Year End Report in Swedish can be downloaded from:
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 slight differences in the translated versions
The Company’s press releases and financial reports are distributed through Cision and may be found on the Company’s website www.silver.fi..
Stockholm, May 10th, 2017
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
Legal Entity Identifier (LEI): 213800R2TQW1OZGYDX93
Read more about Sotkamo Silver on www.sotkamosilver.com or www.silver.fi
The Company's press releases and financial reports are distributed via Cision Sverige and are available on www.silver.fi
For further information please contact Timo Lindborg, CEO on +46-8-304920.