Kurs & Likviditet
Beskrivning
Land | Norge |
---|---|
Lista | OAX Equities |
Sektor | Råvaror |
Industri | Gruvdrift & metaller |
2022-06-02 08:00:14
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES (OR ANY OTHER
JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL). THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.
Nordic Mining ASA ("Nordic Mining" or the "Company") is pleased to announce that
the Company, through its wholly owned subsidiary Nordic Rutile AS, today has
entered into a 5-year rutile offtake agreement ("Offtake Agreement") with
Iwatani Corporation, a reputable Japanese trading house ("Iwatani"). In
addition, Iwatani has agreed to make an equity investment of NOK 191.7 million
corresponding to USD 20 million at the time of the signing of the agreement
("Investment Agreement") in Nordic Mining for the Engebø Rutile and Garnet
Project ("Engebø Project"). The investment will be at the same subscription
price that will be set in the contemplated broader equity raise to be carried
out in connection with the Engebø Project Financing for which terms, timing and
transaction structure shall be announced in due course.
Highlights:
· Binding agreements executed with Iwatani for:
· Long-term offtake of 20,000 tonnes per annum of natural rutile from the
Engebø Project over 5 years
· NOK 191.7 million equity investment at the same subscription price as for
the contemplated broader equity raise
· The equity investment is subject to close of the project financing package
for the Engebø Project, which is expected to be in excess of USD 250 million
comprising of debt, equity and potential hybrid capital or royalty
· The offtake is subject to certain conditions relating to the equity
investment in the Company having been fulfilled
Investment Agreement:
Nordic Mining and Iwatani have entered into an Investment Agreement whereby
Iwatani has agreed to make an equity investment of NOK 191.7 million into Nordic
Mining. The equity investment will be completed at the same subscription price
that will be set in the contemplated broader equity raise for the Engebø
Project, for which terms, timing and transaction structure shall be announced in
due course.
The equity investment is subject to customary conditions precedent, and the
Engebø Project being fully financed. The condition precedent must be satisfied
by 31 March 2023, unless later date is agreed upon.
The equity investment adds to the equity contribution of NOK 132.5 million from
local EPC investor group structured as convertible loan issued by Nordic Mining
announced in January 2022. The convertible loan will upon conversion be part of
the equity for the Engebø Project financing package.
Offtake Agreement:
The Offtake Agreement is for the supply and delivery of in total 100,000 metric
tonnes of natural rutile concentrate (20,000 tonnes per annum) in the 5-year
contract period.
The consideration shall be based on the market price for 95% natural rutile
concentrate, adjusted for actual TiO? content.
The offtake under the Offtake Agreement will start on the date of the first
delivery of rutile to Iwatani. The Offtake Agreement has a duration of 5 years,
possibility for renewals for 3-year periods unless terminated by either party.
The agreement is inter alia subject to certain conditions precedent that must be
satisfied by 31 March 2023.
Clarkson Platou Securities AS and SpareBank 1 Markets AS act as Financial
Advisors to the Company in relation to the Engebø Project Financing.
For further information, please contact CEO Ivar Fossum, telephone +47 930
96 850 or CFO Christian Gjerde, telephone + 47 980 60 909.
Oslo, 2 June 2022
Nordic Mining ASA
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.
Nordic Mining ASA (www.nordicmining.com)
Nordic Mining ASA ("Nordic Mining" or the "Company") is a resource company with
focus on high-end industrial minerals and metals. The Company's project
portfolio is of high international standard and holds significant economic
potential. The Company's assets are in the Nordic region.
Nordic Mining is undertaking a large-scale project development at Engebø on the
west coast of Norway where the Company has rights and permits to a substantial
eclogite deposit with rutile and garnet. Nordic Mining also holds 12.0% of the
shares in Keliber Oy, which is developing a lithium project in Finland to become
the first European producer of battery grade lithium hydroxide.
In addition, Nordic Mining holds interests in other initiatives at various
stages of development. This includes patented rights for a new technology for
production of alumina and exploration of seabed minerals.
Nordic Mining is listed on Euronext Expand Oslo with ticker symbol "NOM".