Nordic Mines announces action plan

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

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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

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