Nordic Iron Ore AB (publ) discloses subscription and underwriting commitments and prolongs the subscription period to November 30, 2015
Given that Nordic Iron Ore AB (publ) ("Nordic Iron Ore" or the "Company") until 19 November 2015, received subscription undertakings and underwriting commitments totaling approximately 9.7 million corresponding to approximately 44.6 percent of the current rights issue (" Rights Issue "), the Company's Board of Directors approved the extension of the subscription period up to and including Monday 30 November 2015. The company has thus secured the necessary funds to be able to immediately start the important metallurgical tests, without having to wait for the registration of the rights issue.
As decided at the Extraordinary General Meeting on 29 October 2015 Nordic Iron Ore is currently conducting a rights issue of a maximum of approximately SEK 21.8 million. The rights issue comprises a maximum of 21,766,068 shares at a subscription price of 1.0 SEK per share. The company has on November 19, 2015 received subscription and underwriting commitments from major shareholders ensuring that the company is guaranteed to receive at least approximately SEK 9.7 million in the Rights Issue.
Of the total commitments SEK 7.9 million relate to subscription commitments and SEK 1.8 million underwriting commitments to the extent required for the rights issue to raise at least SEK 15 million. To give remaining shareholders the opportunity to assess the hereby improved financial conditions, the Board has decided to extend the subscription period in the rights issue with a week until 23:59 on Monday, 30 November.
Preliminary timetable for the Rights Issue
Prolonged subscription period 9-30 November 2015
Preliminary date for publication of outcome of the Rights Issue 3 December 2015
Preliminary settlement for the contract notes 8 December 2015
Investor presentation
An Investor Presentation in connection with the Offer was announced November 9, 2015 and is available on Nordic Iron Ore's website www.nordicironore.se, and on Mangold Fondkommission AB's website www.mangold.se.
For further information please contact:
Paul Marsden Managing Director
tel: 46 240 883 05
About the company
Nordic Iron Ore Group is a mining company with the ambition to revive and develop the iron ore production of Ludvika Mines in Blötberget and Håksberg. The company also intends to expand its mineral resources, and upgrade them to ore reserves, primarily through exploration and other studies of the connecting Väsman field. For more information, see www.nordicironore.se.
IMPORTANT INFORMATION
Offer is not being made to persons residing in the United States, Australia, Hong Kong, Japan, Canada, Switzerland, Singapore, South Africa or any other jurisdiction where participation would require a prospectus, registration or other measures than those required by Swedish law.
This press release may consequently not be published or distributed, directly or indirectly, in or into USA, Australia, Hong Kong, Japan, Canada, Switzerland, Singapore, South Africa or any other jurisdiction where such action is wholly or partially subject to legal restrictions. The information in this press release may not be forwarded, reproduced or shown in way that is in conflict with such restrictions. Failure to follow this instruction may constitute a violation of US Securities Act of 1933 or applicable laws in other jurisdictions