Final result of the Rights Issue
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Reference is made to previous stock exchange announcements by Nordic Mining ASA (“Nordic Mining” or the “Company”) relating to the rights issue (the “Rights Issue”) of up to 17,391,304 new shares with a nominal value of NOK 0.60 each (the “Offer Shares”) at a subscription price of NOK 2.30 per Offer Share.
The subscription period for the Rights Issue expired at 16:30 (CET) on 20 November 2018. At the expiry of the subscription period, the Company had received subscriptions for a total of 18,088,391 Offer Shares. The Rights Issue was oversubscribed by approximately 4%.
The Board of Directors of the Company has today approved the final allocation of Offer Shares in the Rights Issue based on the allocation criteria set out in the Prospectus dated 2 November 2018. A total of approximately 11.4 million Offer Shares have been allocated to subscribers on the basis of exercised subscription rights and approximately 6.0 million Offer Shares have been allocated to holders of subscription rights as a result of oversubscription. No Offer Shares have been allocated to subscribers without subscription rights.
The Board of Directors is very grateful for the continued strong support from its shareholders. Gross proceeds from the Rights Issue is approximately NOK 40 million and will be used for further development of the Engebø rutile and garnet project towards completion of the definitive feasibility study and for general corporate purposes.
Letters of allocation and notification of the corresponding subscription amount to be paid by each subscriber will be distributed today. Payment for the allocated Offer Shares falls due on Friday 23 November 2018.
The Offer Shares may not be transferred or traded before they are fully paid and the share capital increase pertaining to the Rights Issue has been registered with the Norwegian Register of Business Enterprises, expected on or about 29 November 2018. The Offer Shares will be registered with the Company’s ISIN NO0010317340 with the VPS and be traded on Oslo Axess under the Company’s trading symbol “NOM”, expected to occur on or about 30 November 2018.
Following registration of the share capital increase in the Norwegian Register of Business Enterprises, the share capital of Nordic Mining will be NOK 78,505,063.20 divided into 130,841,772 shares, each with a nominal value of NOK 0.60.
Carnegie AS and Clarksons Platou Securities AS are acting as joint lead managers for the Rights Issue.
For more information please contact Birte Norheim, CFO, telephone +47 95 29 33 21.
Oslo, 21 November 2018
Nordic Mining ASA
Nordic Mining ASA (www.nordicmining.com)
Nordic Mining ASA ("Nordic Mining" or "the Company") is a resource company with focus on high-end industrial minerals and metals in Norway and internationally. The Company's project portfolio is of high international standard and holds a significant economic potential. The Company's assets are in the Nordic region. Nordic Mining is undertaking a large-scale project development at Engebø on the west coast of Norway where the Company has rights and permits to a substantial eclogite deposit with rutile and garnet. Permits for the project have been granted by the Norwegian government. The definitive feasibility study was initiated directly following completion of the prefeasibility study in October 2017. Nordic Mining's associated company Keliber completed the definitive feasibility study for its lithium project in Finland in June 2018. Nordic Mining has rights for exploration and production of high-purity quartz in Kvinnherad in Norway. Further, the Company holds exploration rights at Reinfjord in northern Norway where a prospective area of sulphide mineralisation has been discovered. Nordic Mining is also exploring opportunities related to seabed mineral resources.
Nordic Mining is listed on Oslo Axess with ticker symbol "NOM".