Announcement from Sotkamo Silver AB AGM on 2 April 2020
Sotkamo Silver AB (publ) held its Annual General Meeting (AGM) on Thursday 2 April 2020 in Stockholm.
The following main decisions were made at the AGM:
The income statement and the balance sheet for both the parent company and the group regarding the financial year 2019 were adopted by the AGM. The AGM decided that no dividend would be paid out for the financial year 2019. The members of the Board and the CEO were granted discharge from liability for the financial year 2019.
The AGM decided that the Board would comprise of six ordinary members without deputy directors. Jarmo Vesanto, Ilkka Tuokko, Eeva-Liisa Virkkunen and Maria Neovius were re-elected as directors and Sixten Sunabacka and Karri Alameri were elected as directors. Eeva-Liisa Virkkunen was elected chairman of the Board.
The AGM resolved to re-elect the auditing company PWC until the end of the AGM 2021, with Anna Rosendal as the head auditor for the time being.
The guidelines for remuneration for the management and the procedure for appointing the members of the nomination committee were approved in accordance with the proposals from the Board.
The AGM approved the nomination committee’s proposal for annual fees to the Board.
The AGM approved the Board’s resolution on 27 February 2020 to issue new shares with preferential rights for existing shareholders with the following main terms:
- Shareholders in Sotkamo Silver have preferential rights to subscribe for one (1) new share for every three (3) existing shares, i.e. a subscription ratio of 1:3.
- The subscription price is set at SEK 1.38 per new share. Provided that the Rights Issue is fully subscribed, the Company will receive approximately SEK 62 million in issue proceeds before the deduction of issue costs.
- The record date for the Rights Issue is 14 April 2020 and the subscription period runs from 16 April to 5 May 2020.
The AGM resolved, for the period until the next AGM, to authorize the Board, at one or several occasions, to issue new shares or other financial instruments. The authorization is limited to a maximum dilution of twenty (20) percent of the total number of shares outstanding at the time of the first Board resolution in accordance with the authorization.
Stockholm, 2 April 2020
Sotkamo Silver AB (publ)
Paul Johnsson, CEO
CONTACT
Paul Johnsson, CEO of Sotkamo Silver AB, phone +46 70 777 69 76
Sotkamo Silver AB is obliged to publish this information in accordance with the EU Market Abuse Regulation. The information was submitted for publication through the agency of the above contact on 2 April 2020 at 14.30.
The official stock exchange announcements are provided in Swedish, and there may be differences in the translated versions. Should there be any differences, the Swedish version takes precedence.
About Sotkamo Silver AB (publ)
Sotkamo Silver’s business concept is the development and extraction of metal deposits in the Nordic region. The business is run with due regard for people and the environment. Sotkamo Silver owns mineral deposits containing silver and gold in Finland and zinc and gold in Norway. The company’s primary project is the Silvergruvan mine in the municipality of Sotkamo.
Sotkamo Silver applies SveMin’s and FinMin’s joint reporting rules for public mining and exploration companies. Sotkamo Silver has chosen to report its mineral resources in accordance with the internationally accepted JORC or NI 43 101 codes. Sotkamo Silver applies the International Financial Reporting Standards (IFRS) as well as the standards adopted by the European Union.
Sotkamo Silver’s ticker code is SOSI for NGM Equity and SOSI1 for NASDAQ Helsinki.
The ISIN number for Sotkamo Silver AB’s shares is SE0001057910.
The Legal Entity Identifier (LEI) number is: 213800R2TQW1OZGYDX93.
Find out more about Sotkamo Silver at www.silver.fi