IMPROVED CONDITIONS FOR THE TEKES-LOAN CONCERNING PROJECT-TIME AND SCHEDULE
TEKES - the Finnish Funding Agency for Innovations, has changed its decision for the development loan, so that total project-financing should be secured latest June 30th 2016. Final report shall be made not later than March 30th 2018. The project's interim reporting has also been adapted to this new timetable. Otherwise, the terms and conditions are not subject to change.
Argument for changed conditions was that a new schedule should improve the conditions for an overall funding and the ability to implement the project according to plan.
The project belongs to TEKES - Green Mining Programme for intelligent and minimum-impact mines. The main objective of the Green Mining Programme is to make Finland a global leader of sustainable mineral industry by year 2020. The programme aims to achieve a world leading position in research areas such as 1) Intelligent and minimum-impact mines and 2) New mineral resources.
TEKES is the most important publicly funded expert organisation for financing research, development and innovation in Finland. TEKES boosts a wide range of innovation activities in research communities, industry and service sectors.
"I am very pleased that TEKES made this decision concerning € 9.4 million development loan. The original schedule was demanding. Progress has been made in the financing negotiations and we believe that the Silver Mine project in its entirety can be arranged according to the new timetable " comments Dr Timo Lindborg, CEO.
Stockholm, 29th October 2015
Sotkamo Silver AB
Timo Lindborg, CEO
Sotkamo Silver AB discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act
The official Stock Exchange Releases are given in Swedish and there may be slight differences in the translated versions.
The Company's press releases and financial reports are distributed via NGM and are available on www.silver.fi . For further information please contact Timo Lindborg, CEO on +46-8-304920.
About Sotkamo Silver AB:
Sotkamo Silver AB´s business concept is to exploit mineral deposits in the Nordic countries with regards to human society and environment. Sotkamo Silver owns, through its subsidiary mineral deposits, which contains silver and gold in Finland. The Company’s main development project is the Silver Mine project in the municipality of Sotkamo.
Sotkamo Silver applies SveMin’s & FinnMin’s respective rules of reporting for public mining & exploration companies. Sotkamo Silver has chosen to report mineral resources and ore reserves according to the internationally accepted JORC or NI 43-101-code. The company applies International Financial Reporting Standards (IFRS) as approved by the European Union.
The ticker symbol is SOSI in NGM Equity in Stockholm and SOSI1 in NASDAQ OMX Helsinki. ISIN-code for Sotkamo Silver shares is SE0001057910.
Read more about Sotkamo Silver on www.sotkamosilver.com or www.silver.fi
For further information: Timo Lindborg, CEO, tel. +358 40 508 3 507