08/03-2013 10:51:11: (NAUR) Northland to Secure Short-term Funding NPK (A1C0GV) Luxemburg, March 8, 2013 - Northland Resources S.A. (TSX: NAU, OSE: NAUR, Frankfurt: NPK, First North/Nasdaq: NAURo - together with its subsidiaries, "Northland" or "the Company") announces an update on the plans for short term and long term financing. The Company continues to make good progress in its long term financing discussions and has received detailed term sheets from several potential investor groups.
As previously announced the Company has, as a first step, re-phased its capital investment program to a level to better meet its current cash -flow. The assessment of the Board is that this re-phasing will not have any material impact on the Company's long-term production plan. Regarding the short-term financing of the reorganization period, the Company is in discussions with the bondholders, as well as its largest suppliers, for additional short-term funding to maintain the present operations of the Company. The additional funding being requested from these stakeholders is approximately USD 20 million including a request to the bondholders to release an amount of up to USD 10 million out of the debt service account. The provision of such funding is expected to allow the Company to continue planned operations beyond mid-April, and the Company believes it is realistic to conclude its long term financing solution by this time.
viel glück und viel segen auf all meinen wegen;)