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Nordic Gold updates on financing for Finland mine

In February this year, the company said it was experiencing liquidity and operational issues, due to a shortfall in tonnes and grade

Gold pour
Since production at the mine started on November 30 last year, the company has poured and sold 8,238 ounces of gold

Nordic Gold Inc (CVE:NOR) updated on its Laiva mine in Finland, where it says it is in advanced discussions with several parties on refinancing existing facilities, conducting exploration and upgrading the resource.

In February this year, the company said it was experiencing liquidity and operational issues, due to a shortfall in tonnes and grade.

READ: Nordic Gold engages Jett Capital Advisors to secure $35M in debt financing

Last month, it said it had hired Jett Capital Advisors of New York to help the company secure $35 million in attractively priced debt financing.

In a brief statement on Thursday, the miner revealed that Pandion Mine Finance has agreed to fund the firm during care and maintenance with a series of monthly loans to cover the costs.

The loan requirements will be reviewed each month and, if conditions are met, funds provided will bear interest at 12% a year.

"Management continues to source funds to recapitalize the company and are in advanced discussions with several parties interested in refinancing existing facilities, conducting exploration and upgrading the resource," it said on Thursday.

"Jett Capital Advisors LLC of New York have also introduced Nordic to several interested parties."

Currently, it said five NDAs (non-disclosure agreements) are in place to enable interested parties to conduct due diligence, ranging from major and junior gold producers, to large mining funds and investment groups.

Nordic also noted today that the process of engaging another contractor had begun. A scope of work has been issued and several competitively priced proposals have been received, it said.

Since production at the mine started on November 30 last year, the company has poured and sold 8,238 ounces of gold.

Contact Giles at [email protected]

Quick facts: Nordic Gold Inc.

Price: 0.025 CAD

TSX-V:NOR
Market: TSX-V
Market Cap: $4.89 m
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Nordic Gold kicks off drilling programme at its Otso mine project in Finland

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