Third quarter of 2016
- Revenues were SEK 0.0 million (SEK 0.0 million) as the Laiva Mine is on care and maintenance and not in production.
- The Company reported an operating loss of SEK -3.1 million (SEK -12.6 million).
- Loss after tax for the period amounted to SEK -2.9 million (SEK -15.6 million), corresponding to SEK -0.01 (SEK -0.29) per share.
- Cash and cash equivalents were SEK 3.5 million (SEK 6.7 million, 30 June 2016) at the end of the period.
- Equity was SEK 501.9 million (SEK 504.4 million, 30 June 2016) at the end of the period.
- Nasdaq Stockholm imposed a fine of 7 times the annual listing fee (approximately SEK 1.5 million)
- Secured shareholder loans of SEK 4.3 million to fund the running costs of the Company
- Nasdaq Stockholm put the Company on observation status on the basis that the Company does not have adequate cash reserves for the next three months
- Undertook a positive 70 ton optical ore sorting test at the Björkdal mine, Sweden
January - September 2016
- Revenues were SEK 0.0 million (SEK 0.0 million) due to the production stop at the Laiva mine.
- The Company reported an operating loss of SEK -24.9 million (SEK -67.3 million).
- Loss after tax for the period amounted to SEK -24.7 million (SEK -76.1 million), corresponding to SEK -0.04 (SEK -1.41) per share.
- Comprehensive income for the period was SEK -23.0 million (SEK -76.8 million).
Significant events after September 30, 2016
- The Company secured a further SEK 2,3 million in shareholder loans
- The Company made several changes to management in October to strengthen the team.
- The Company secured USD 2.0 million in funding from Lau Su Holding AB in a combination of shareholder loan, new equity and preferential shares which will be subject to shareholder approval. It will also convert its existing shareholder loan of USD 0.25 million into preferential shares. For more information please read the press release about financial remodelling, released 30th November 2016.
- Lao Tzu Investments AB has agreed to convert its shareholder loan of USD 0.25 million into preferential shares on the same terms as Lau Su Holding AB, subject to shareholder approval.
For further information, please contact:
D. Saradhi Rajan, +44 743 271 1564
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Nordic Mines AB via Globenewswire