The English text is an unofficial translation of the Swedish original, and in the event of any discrepancies between the Swedish text and the English translation the Swedish text shall take precedence.
First quarter of 2016
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Net sales were nil (SEK 0.0 million) during the first quarter of 2016, as the Laiva mine continued to operate on a care and maintenance basis only.
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The Company reported an operating loss of SEK -13.3 million (SEK -26.3 million).
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Result after tax for the period amounted to SEK -13.4 million (SEK -29.2 million), corresponding to SEK -0.06 (SEK -0.54) per share.
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Cash and cash equivalents were SEK 14.8 million at the end of the period (SEK 32.6 million, 31 December 2015).
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Equity was SEK 512.0 million (SEK 524.9 million, 31 December 2015) at the end of the period.
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The Company currently does not have sufficient funds to cover its needs for the next six months starting from the date of this report and will need to raise additional funding to provide sufficient headroom to meet the operating costs for the next six months and put the Laiva mine back into production.
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On January 5, 2016, the Company`s new Majority Owner presented a proposal for a new Board of Directors ("Board") for Nordic Mines AB (publ) ("Nordic Mines" or the "Company"), which was duly elected at an Extraordinary General Meeting held on January 7, 2016.
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On January 13, 2016, the Swedish Securities Council issued a statement in regards to Nordic Mines. See Statement by the Swedish Securities Council with respect to Nordic Mines.
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On February 3, 2016, the Company announced a new management team. Mr. D. Saradhi Rajan was appointed CEO of the Company. Mr. Nigel Pickett and Mr. Andrew Malim became members of the Company`s management team, while Mrs. Eva Kaijser and Mr. Jonatan Forsberg left their respective positions.
For further information, please contact:
D. Saradhi Rajan, +44 743 271 1564
For more information about Nordic Mines, please visit www.nordicmines.com.
The information above has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 08.00 a.m. (CET) on 12 May 2016.
Nordic Mines is a Nordic mining and exploration company. The Laiva mine in Finland produced gold between 2011 and 2014. The deposit is among the largest in the Nordic region. Nordic Mines is a member of SveMin and applies its reporting regulations for public mining and exploration companies. The Nordic Mines share has been admitted for trading on Nasdaq Stockholm`s Small Cap list. Also refer to www.nordicmines.com.