2012-11-20 08:17:39 -

Press release November 20, 2012

  * The Board of Directors announces an action plan which has been developed to
    ensure the long term profitability of Nordic Mines
  * Fully underwritten rights issue of not more than approximately SEK 282
    million
  * Thomas Cederborg is appointed as new CEO

Summary

New issue of shares of not more than approximately SEK 282 million, before
transaction costs, with preferential rights for the shareholders of Nordic Mines
AB (publ) ("Nordic Mines" or the "Company") (the "Rights
issue")
The Rights issue is fully underwritten through subscription and underwriting
commitments from a combination of larger shareholders in Nordic Mines and
external guarantors, including Eldorado Gold Cooperatief U.A ("Eldorado"),
Lennart Schönning, the Chairman of the Board of   Directors
The subscription price is SEK 1.10 per new share
Thomas Cederborg, Director of the Board of Nordic Mines, has been appointed as
new CEO
Investment plan in place to increase gold production, increase operational
reliability and lower the operational costs
Amendment of the loan terms including postponement of the next two amortizations
payable to the creditors of the Company, amounting to in total EUR 9.4 million
Berne Jansson is nominated as representative of Eldorado on the Board of
Directors
Read more



Nordic Mines AB Press release Nov 20: 
 hugin.info/138647/R/1659325/537182.pdf



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Source: Nordic Mines AB via Thomson Reuters ONE
[HUG#1659325]