Proposed Rights Issue and Summons for Extraordinary General Meeting on 13 September 2019
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The Board of Directors of Nordic Mining ASA ("Nordic Mining" or the "Company") has today resolved to call for an extraordinary general meeting in the Company on 13 September 2019 to resolve, among other things, a rights issue of approximately NOK 35 million (the "Rights Issue"). The summons for the extraordinary general meeting is attached to this stock exchange notice. The Board of Directors has proposed the following:
- The subscription price for the new shares to be issued in the Rights Issue, the number of new shares, the number of subscription rights and the exact amount of the share capital increase (the “Subscription Terms") will be determined by the Board of Directors, based on recommendations from Sparebank 1 Markets AS, prior to the extraordinary general meeting. The Board of Director's resolution with respect to the Subscription Terms will be made public through a stock exchange announcement prior to the extraordinary general meeting and the Subscription Terms will then be reflected in the resolution proposed to the extraordinary general meeting.
- Shareholders in the Company as of 13 September 2019 (as registered in the VPS as of 17 September 2019) (the "Record Date") will be given a pre-emptive right to subscribe for and be allotted their pro rata share of the new shares to be issued in the Rights Issue as of the Record Date (the "Eligible Shareholders").
- The Company will issue transferable subscription rights which will be listed on Oslo Axess.
- Over-subscription is allowed. New shares not subscribed for by Eligible Shareholders may be subscribed by investors without subscription rights.
- The subscription period is expected to commence on 18 September 2019 and end on 2 October 2019. The subscription period is subject to publication of a prospectus prepared in connection with the Rights Issue to be approved by the Financial Supervisory Authority of Norway. Further information regarding the subscription period and period for trading of subscription rights will be communicated in separate stock exchange releases.
Subject to approval of the Rights Issue by the extraordinary general meeting, Nordic Mining's shares will trade ex. subscription rights from and including 16 September 2019 (the "Ex. Date").
The main purpose of the rights issue is to continue the development of the Engebø rutile and garnet project through the completion of the DFS and into the Front End Engineering and Design (FEED) phase. In addition, proceeds from the rights issue will be used for general corporate purposes.
The extraordinary general meeting will be held on Friday 13 September 2019 at 17:00 hours (CEST) at the Company's premises, Vika Atrium, Munkedamsveien 45 (Entrance A, 5th floor), 0250 Oslo, Norway.
Sparebank 1 Markets AS acts as manager for the Rights Issue.
For further information please contact CFO Birte Norheim, telephone +47 95 29 33 21.
Oslo, 23 August 2019
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. The Company's project portfolio is of high international standard and holds 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. Nordic Mining also holds 18.5% of the shares in Keliber Oy, which is developing a lithium project in Finland.
In addition, Nordic Mining holds interests in other initiatives at various stages of development. This includes patented rights for a new technology for production of alumina, and exploration of seabed minerals, high-purity quartz, nickel and PGE.
Nordic Mining is listed on Oslo Axess with ticker symbol "NOM".