SUMMARY OF THE INTERIM REPORT FOR JANUARY - DECEMBER 2012
(For complete interim report and press release in Finnish, see attached file)
- Net profit was -5,888 kSEK (-6,895) and earnings per share SEK -0.48 (-0.66).
- Group net sale was 909 kSEK (101).
- Cash and cash equivalents was 41,178 kSEK (15,077) at December 31th 2012.
- Equity was 113,584 kSEK (74,388), corresponding to 8.03 SEK (7.17) per share at December 31th 2012.
- Investments during the period were 18,773 kSEK (16,043).
- The Taivaljärvi Silver deposit probably continues to at least to the depth of 1 000 meters with least triple length compared to earlier known.
- Bankable Feasibility Study was completed for the Silver-mine.
- Ore-reserves and financial forecast for the Silver-mine was up-dated.
- Sotkamo Silver Oy signed an agreement for construction of Taivaljärvi Silver-mine´s power transmission-line.
- Finnish Government and Centre for Economic Development, Transport and Environment in Kainuu granted 2.5 M€ for the Silver Mine project.
- Preferential rights issue, non-preferential issue, issue of warrants and reversed-split were approved and implemented.
- Sotkamo Silver AB was parallel-listed on NASDAQ OMX Helsinki and implemented the consolidation of shares.
- Sotkamo Silver Oy has started recruitments in order to prepare for construction and production in the Silver-mine.
- Net profit was -425 kSEK (-1,717) and earnings per share SEK -0.03 (-0.17).
- Other income was 363 kSEK (24).
- Investments during the period October - December were 3,762 kSEK (6,633).
- The Regional State Administrative Agency has notified Sotkamo Silver that processing of the Company's environmental-permit for the Silver Mine in Sotkamo will be delayed, due to heavy workload. The Company's application will be processed as soon as workload allows.
- Sotkamo Silver strengthened its organisation with an environmental manager and engaged two engineering-companies do the final infrastructure-, construction- and architecture-planning for the Silver-mine.
- Sotkamo Silver´s warrants was listed at the Nasdaq OMX Helsinki
- The number of shares and votes in Sotkamo Silver AB increased by 225 shares in October by exercise of Warrant 3. After registration, the number of shares and votes in Sotkamo Silver AB increased to 14 152 856 and the share capital increased to SEK 141 528 561.47. Quota value is SEK 10.
Number of outstanding warrants are 940,506, each of them entitles the holder to subscribe for one share at SEK 17.50/per share at November 30th 2013 at latest.
The comparative numbers relates to the corresponding period of the previous year's income statement and cash flow items and December 31st 2011 for Balance Sheet items. All information regarding amounts has been restated retroactive, also after the reversed split of 1:25.
Stockholm, February 15th 2013
Timo Lindborg, CEO
About Sotkamo Silver AB:
Sotkamo Silver AB´s business concept is to exploit mineral deposits in the Nordic countries with regards to human society and environment. Sotkamo Silver owns, through its subsidiary mineral deposits, which contains silver and gold in Finland. The Company’s main development project is the Taivaljärvi Silver Mine.
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 and SOSI1 in NASDAQ OMX Helsinki.
ISIN-code for Sotkamo Silver shares is SE0001057910 and for warrants SE0004635290.
Read more about Sotkamo Silver on www.sotkamosilver.com or www.silver.fi
For further information: Timo Lindborg, CEO, tel. +358 40 508 3 507
The official Stock Exchange Release is given in Swedish and there may be differences in the translated versions.