DIRECTED ISSUE OF NEW SHARES SUCCESSFULLY COMPLETED
Nordic Mining ASA has completed a directed issue of new shares at a price of NOK 1.50 per share. In total 33,333,333 new shares were subscribed, representing approximately 62.3% of existing outstanding shares. The share issue was oversubscribed by leading domestic and Nordic institutional investors. Gross proceeds from the share issue amounted to NOK 50,000,000.
Reference is made to the announcement yesterday regarding a contemplated directed issue of new shares in Nordic Mining ASA ("Nordic Mining" or "the Company").
In accordance with the decision by the Extraordinary General Meeting on 15 April 2008, Nordic Mining has today successfully completed a share capital increase whereby the share capital was increased by NOK 3,333,333.30 by the issue of 33,333,333 new shares each at par value of NOK 0.10 to a subscription price of NOK 1.50 per share resulting in gross proceeds of NOK 50,000.000.
Reference is made to the announcement yesterday regarding a contemplated directed issue of new shares in Nordic Mining ASA ("Nordic Mining" or "the Company").
In accordance with the decision by the Extraordinary General Meeting on 15 April 2008, Nordic Mining has today successfully completed a share capital increase whereby the share capital was increased by NOK 3,333,333.30 by the issue of 33,333,333 new shares each at par value of NOK 0.10 to a subscription price of NOK 1.50 per share resulting in gross proceeds of NOK 50,000.000.
The net proceeds from the directed issue will be used to part finance the further development of Keliber and the Engebøfjellet project (titanium) in addition to strengthen the Company's working capital.
Following the completion of the directed issue, Nordic Mining's share capital is NOK 8,681,330.80 consisting of 86,813,308 shares. The new shares will be entitled to dividend from the time the share capital increase is registered with the Norwegian Register of Business Enterprises.
The Board of Directors will propose to conduct a subsequent share issue towards the shareholders in Nordic Mining as at 29 May 2008 who did not participate in the directed issue. The proposal will be put forward to the Ordinary General Meeting of the Company scheduled to 19 June 2008.
The directed issue was managed by Carnegie ASA and Handelsbanken Capital Markets.
For further enquiries, please contact CFO Lars K. Grøndahl on telephone +47 - 90 16 09 41.
Oslo, 30 May 2008
Nordic Mining ASA