SOTKAMO SILVER: THE SWEDISH EXPORT CREDIT AGENCY HAS GRANTED A GUARANTEE OFFER OF MAXIMUM 33,4 M€.
EKN, the Swedish Export Credit Agency (ECA) has granted the guarantee of maximum Euro 33,4 million including the interest on 23rd August for the funding of the Engineering and Process Equipment (EPC) contract with Outotec for the benefit of the Silver Mine project.
For the avoidance of doubt, the decision of EKN doesn’t mean that the final financing package has been reached.
Based on EKN’s positive decision, a large international resources bank is currently in the credit evaluation process for the financing of the Outotec EPC contract.
The comprehensive EPC delivery contract with Outotec might increase the capital requirement of the Silver Mine project, and if implemented, will affect the economic and short pay-back time of the project, compared with the outcome of the Technical Report.
At the same time, the Board of Sotkamo Silver is working with several other financing options and evaluating different financing options to find the best conceivable financing solution for the company and its shareholders.
“I am optimistic that Sotkamo Silver can reach the win/win alternative among the options we are evaluating”, says Dr Timo Lindborg, CEO Sotkamo Silver
Stockholm August 24th, 2017
Sotkamo Silver AB (publ)
This information is information that Sotkamo Silver AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08:45 CEST on August 24th, 2017.
Timo Lindborg, CEO of Sotkamo Silver AB, tel. +358 40 508 3507
The official Stock Exchange Releases are given in Swedish and there may be differences in the translated versions.
About Sotkamo Silver AB
Sotkamo Silver AB´s business concept is to exploit mineral deposits in the Nordic countries with positive social and environmental benefits. Sotkamo Silver owns mineral deposits, which contain silver and gold in Finland as well as zinc and gold in Norway. The Company’s main development project is the Silver Mine project in the municipality of Sotkamo.
Sotkamo Silver applies SveMin’s & FinnMin’s respective rules of reporting for public mining & exploration companies. Sotkamo Silver has chosen to report mineral resources and ore reserves according to the internationally accepted JORC or NI 43-101 code. The company applies International Financial Reporting Standards (IFRS) as approved by the European Union.
The ticker symbol is SOSI in NGM Equity in Stockholm and SOSI1 in NASDAQ OMX Helsinki.
ISIN-code for Sotkamo Silver shares is SE0001057910.
ISIN- code for share warrants series 2016/2017 are SE0008373880 with the ticker symbol SOSI TO4 in NGM Equity and SOSI1EW116 in NASDAQ OMX Helsinki.
The number of outstanding warrants are 20,643,198. The Warrant gives the right to subscribe for one (1) share at 4 SEK in August 2017
Legal Entity Identifier (LEI): 213800R2TQW1OZGYDX93
Read more about Sotkamo Silver on www.silver.fi
The Company's press releases and financial reports are distributed via Cision Sverige and are available on www.silver.fi