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Dannemora Mineral AB files for bankruptcy

On 18 March 2015, Dannemora Mineral AB filed for bankruptcy with the Uppsala District Court. The company has been in reorganization since 13 May 2014. The work involved in reorganizing the company has resulted in significant progress being made to date and the company has been cash flow neutral for 10 months. No external financing has been provided to the company since the reorganization process was implemented. Demand for the company’s ore has exceeded production capacity, which has meant, among other things, that prices received could be improved significantly in relation to prices

Dannemora Mineral files for additional extension of company reorganisation

In order to complete the activities to find a long-term financing solution, Dannemora Mineral has filed for additional extension of the company reorganisation with the Uppsala District Court. Extension is sought for an additional three months, until 13 May 2015. The initial company reorganisation was approved by the Uppsala District Court for a three months period, until 13 August, 2014 and was extended for three months until the 13 November 2014 in August and until the 13 February 2015 in November. The reorganisation refers to the parent company Dannemora Mineral AB and the

Dannemora Mineral’s subsidiary Magnetit presents composition proposal

Dannemora Magnetit AB, the subsidiary of Dannemora Mineral AB where the majority of the operations is conducted, today presented a composition proposal for their unsecured creditors, in which the creditors would receive 25 per cent in payment for their debts. This would be paid within 12 months of the completion of the reconstruction. The remainder of the debt would be written off through the proposed composition. The composition proposal is only part of the solution if the Dannemora Group is to be reconstructed and avoid bankruptcy. The Dannemora Group will only be able to be

Dannemora Mineral resumes drilling activities

In September 2014 Dannemora Mineral ceased the normal activities of drilling and construction of tunnels for future mining. In January 2015 the drilling activities have resumed to a limited extent. The reason why the company ceased the drilling activities was to reduce the need for liquidity during the autumn. To be able to maintain the future production in the mine, the drilling now must resume. The scope of the activities is limited and takes place within framework of the available liquidity and existing resources.

Communiqué from extraordinary general meeting in Dannemora Mineral

The board of directors in Dannemora Mineral AB (publ) has on 24 November 2014 prepared a balance sheet for liquidation purposes pursuant to Chapter 25 Section 13 of the Swedish Companies Act, which has been reviewed by the Company's auditor. The balance sheet shows that the Company's equity corresponds to less than half of the registered share capital. As a result thereof, the board of directors has convened the shareholders for an extraordinary general meeting (initial meeting for liquidation purposes), which has been held today. On the extraordinary general meeting (initial meeting for

Communiqué from extraordinary general meeting in Dannemora Mineral

Dannemora Mineral AB (publ) has on the extraordinary general meeting held on 5 December 2014 resolved to adopt the proposals presented by the board of directors to: (i) authorise the board of directors to, at one or more occasions, until the next annual general meeting, with or without deviation from the shareholders’ preferential rights, resolve on a new share issue, issue of warrarants (Sw. teckningsoptioner) and/or issue of convertibles (Sw. konvertibler); (ii) amend the limits regarding share capital and number of shares in the Articles of Association to extent required in order

Extraordinary General Meeting (for liquidation purposes) in Dannemora Mineral

The board of directors in Dannemora Mineral AB (publ) has prepared a balance sheet for liquidation purposes, which has been reviewed by the Company's auditor. The balance sheet shows that the Company's equity corresponds to less than half of the registered share capital. The board of directors will therefore convene the shareholders for an extraordinary general meeting (initial meeting for liquidation purposes) to be held on 30 December 2014 in order to resolve upon whether the Company shall enter into liquidation or continue its operations. The board of directors proposes that the

Dannemora Mineral files for extension of company reorganisation

In order to complete the activities to find a long-term financing solution, Dannemora Mineral has filed for additional extension of the company reorganisation with the Uppsala District Court. Extension is sought for an additional three months, until 13 February 2014. The initial company reorganisation was approved by the Uppsala District Court for a three months period, until 13 August, 2014 and was extended for three months until the 13 November 2014 in August. The root cause of the reorganisation procedure and the application for extension, is the company's need for capital to meet

Extraordinary general meeting in Dannemora Mineral

The board of directors in Dannemora Mineral AB (publ) has resolved to convene the shareholders for an extraordinary general meeting to be held on 5 December 2014 to present the following proposals on resolutions: (i)            to authorise the board of directors to, at one or more occasions, until the next annual general meeting, with or without deviation from the shareholders’ preferential rights, resolve on a new share issue, issue of warrarants (Sw. teckningsoptioner) and/or issue of convertibles (Sw. konvertibler); (ii)           to amend the limits regarding share capital and

Interim Report 1 January - 30 September 2014

Third quarter 2014 ·Net sales amounted to SEK 128.1 (142.2) million ·EBITDA amounted to SEK -32.1 (-27.0) million ·Earnings per share amounted to SEK -4.93 (-1.74) ·Cash flow was SEK -19.9 (-38.0) million ·Production of finished products remained high, amounting to 290 (274) thousand tonnes ·Average recovery rate was 38 (39) percent ·The company applied for and was granted extended company reorganisation until 13 November 2014 January - September 2014 ·Net sales amounted to SEK 410.0 (319.9) million ·Earnings per share

Dannemora Mineral significantly reduces capital need under revised investment plan

The ongoing efforts to optimize and define the company's investment projects have reduced the company's need for external financing by another SEK 100 million. The total external financing need is now expected to amount to SEK 300 million.An updated investment plan shows, compared to the plan presented in September 2014, a reduced capital need from SEK 400 million to SEK 300 million. The fundamental change from the previous plan is that the rebuilding of the sorting plant with a dry step and a wet process will be done in an existing building instead of a new factory building, which

Dannemora Mineral introduces measures to improve liquidity

As previously announced, Dannemora is in need of a bridge financing during the latter part of the extended period of company reorganisation, 13 August to 13 November, to meet liquidity needs throughout the period. Against this background, the operations will be conducted under a temporary production plan that allows the company's financing needs during the remaining period of reorganisation to be covered by self-generated funds. The temporary production plan means that the normal activities of drilling and construction of tunnels for future mining ceases as of Monday, 15 September 2014.

Dannemora Mineral makes a review of the organisation

Dannemora Mineral has initiated a review of the organisation, to further improve efficiency and reduce costs. The following changes will occur: ·The office in Mörby will be closed at the end of the year and the positions will be moved to Dannemora. For this reason, Niklas Kihl, CFO, has chosen to resign. Niklas Kihl remains as Group CFO until year-end. ·Pär Göting, CEO of Dannemora Magnetit AB, will assume another position outside the company and will leave the company on 30 November 2014. Ralf Nordén takes over as CEO of Dannemora Magnetit AB with immediate effect.

Interim Report 1 January - 30 June 2014

Second quarter 2014 ·Net sales amounted to SEK 136.0 (83.1) million ·EBITDA amounted to SEK -28.3 (-52.0) million ·Earnings per share amounted to SEK -3.68 (-4.45) ·Cash flow was SEK -4.2 (47.7) million ·Production of finished products remained high, amounting to 292 (196) thousand tonnes ·Average recovery rate was 41 (34) percent ·The company filed for and was granted company reorganization January - June 2014 ·Net sales amounted to SEK 281.9 (171.8) million ·Earnings per share amounted to SEK -6.13 (-11.82) ·Cash

Dannemora Mineral signs letter of intent with voestalpine

Dannemora Mineral has signed a letter of intent with the Austrian steel group voestalpine for deliveries of iron ore products. Deliveries cover about 300,000 tonnes of fines annually, equivalent to a quarter of Dannemora Mineral’s current production. The volume will cover a large part of the additional volumes that will be produced as a result of the planned expansion of the sorting plant. The intention is to sign a minimum three year agreement before the end of 2014. voestalpine currently produces more than 7 million tons of steel per year. The Group operates mainly in Austria, with

Dannemora Mineral files for extension of company reorganisation

In order to complete the activities to find a long-term financing solution, Dannemora Mineral has filed for extension of the company reorganisation with the Uppsala District Court. Extension is sought for three months, until 13 November 2014, when the company is expected to complete ongoing activities, and thus the reorganisation procedure. The initial company reorganisation was approved by the Uppsala District Court for a three month period, until 13 August, 2014. The root cause of the reorganisation procedure and the application for extension, is the company's need for capital to

Communiqué from Annual General Meeting of Dannemora Mineral

The annual general meeting of the shareholders of Dannemora Mineral (publ) was held on 27 June 2014. The meeting dealt with the following business: Allocation of earnings The annual general meeting adopted the income statements and balance sheets of the Parent Company and the Group for 2013. The meeting also adopted the Board’s proposal for allocation of profits, namely that no dividend be paid for the 2013 financial year. Discharge from liability The annual general meeting discharged the Board members and the CEO from liability for the 2013 financial year. Election of the

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