Sotkamo Silver enters into an agreement to amend the terms and conditions for convertibles 2019/2020
Press release 15 April 2020, 09.15 CET
The board of directors of Sotkamo Silver AB ("Sotkamo Silver" or "the Company") has resolved to enter into an agreement to amend the terms and conditions for the Company's outstanding convertibles 2019/2020 of in total MSEK 15.0.
On 10 May 2019, the board of directors, based on the authorization granted by the annual general meeting on 11 April 2019, resolved to issue 15 convertibles, with deviation from the shareholders' preferential right, each with a nominal value of MSEK 1.0. The issue price for the convertibles was 95% of the nominal amount of the convertibles. The issue was directed to Formue Nord Markedsneutral A/S. Formue Nord Markedsneutral A/S subscribed for all convertibles.
The Company and Formue Nord Markedsneutral A/S have, inter alia, agreed to postpone the maturity date of the loan and the period within which conversion can be made with one year. The new maturity date for the loan is 31 May 2021 and the new conversion period run from 1 May 2021 until 31 December 2021. As remuneration for prolonging the convertibles, Formue Nord Markedsneutral A/S receives a cash payment of MSEK 0.75.
Paul Johnsson, CEO of Sotkamo Silver AB, phone +46 70 777 69 76.
Sotkamo Silver AB is obliged to publish this information in accordance with the EU Market Abuse Regulation. The information was submitted for publication through the agency of the above contact on 15 April 2020, at 09.15 CET.
The official stock exchange announcements are provided in Swedish, and there may be differences in the translated versions. Should there be any differences, the Swedish version takes precedence.
About Sotkamo Silver AB (publ)
Sotkamo Silver’s business concept is the development and extraction of metal deposits in the Nordic region. The business is run with due regard for people and the environment. Sotkamo Silver owns mineral deposits containing silver and gold in Finland and zinc and gold in Norway. The company’s primary project is the Silvergruvan mine in the municipality of Sotkamo.
Sotkamo Silver applies SveMin’s and FinMin’s joint reporting rules for public mining and exploration companies. Sotkamo Silver has chosen to report its mineral resources in accordance with the internationally accepted JORC or NI 43 101 codes. Sotkamo Silver applies the International Financial Reporting Standards (IFRS) as well as the standards adopted by the European Union.
Sotkamo Silver’s ticker code is SOSI for NGM Equity and SOSI1 for NASDAQ Helsinki.
The ISIN number for Sotkamo Silver AB’s shares is SE0001057910.
The Legal Entity Identifier (LEI) number is: 213800R2TQW1OZGYDX93.
Find out more about Sotkamo Silver at www.silver.fi