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PRESS RELEASE, July 25, 2014
The English text is an unofficial translation of the Swedish original and in case of any discrepancies between the Swedish text and the English translation, the Swedish text shall prevail. This is not a legal document
As previously announced, the Board of Directors in Nordic Mines AB (publ) ("Nordic Mines" or the "Company") has intended to extend the application period should not the conditions for application be fulfilled by the end of the period.
The Company`s lenders have, subject to certain conditions, approved the Swedish composition plan. However, the final agreements between the Company and its lenders, regarding the principal conditions including, inter alia, write-downs of existing claims, are not yet finalized. Thus, the Board of Directors has decided to prolong the application period for the rights issue until 17:00 CET on August 8, 2014. The period of trading in subscription rights is also extended. The last day of trading is on August 5, 2014.
Applications to subscribe for shares in the rights issue, with or without preferential rights, will be conditional upon that an agreement is reached between the Company, Nordic Mines Oy and the Company`s creditors regarding, among other things, write-downs of existing claims under the facility agreement further described in the prospectus and that the Swedish and Finnish court respectively has determined on composition plans in regards to the ongoing Swedish company reorganization and the Finnish company reorganization relating to companies within the Nordic Mines Group.
The Board of Directors has resolved on the following timetable to enable fulfillment of the conditions:
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The application period is extended until 17:00 CET on August 8, 2014. The last day of trading in subscription rights is on August 5, 2014.
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Should the conditions for application for subscription be fulfilled and, in the Board of Directors` opinion, it`s expected that the conditioned minimum amount of the rights issue is achieved, payment instructions will be distributed after the application period. Full cash payment for the subscribed shares should be made no later than 17:00 CET on August 22, 2014 according to the instructions on the payment slip.
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The rights issue is expected to be registered at the Swedish Companies Registration Office during week 35 2014 after which paid subscribed shares (BTA) will be converted to ordinary shares.
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The final outcome of the rights issue is expected around August 28, 2014.