Nordic Gold Inc (CVE:NOR) said Tuesday it has entered into agreements to restructure the management and board of the company, subject to the final approval of the TSX Venture Exchange and the company's shareholders.
The firm said its Laiva mine in Finland is currently on 'care and maintenance' and says it is in advanced discussions with several parties on refinancing existing facilities, conducting exploration and upgrading the resource.
According to the firm, the firm has entered into a services agreement with Lionsbridge Capital and Westech International. Lionsbridge will provide the company with corporate management services and Westech aims to provide the company with technical services to bring the firm's Laiva gold mine project back to production.
"Over the last 4 months, our primary focus has been on finding suitable funding to both upgrade the resource and to restart production at the mine in Finland," said CEO, Michael Hepworth. "Lionsbridge presents us with an opportunity to both inject the necessary funding and to bring fresh perspectives on managing the project. The group has access to capital and the experience to successfully manage the Laiva project going forward. "
The firm noted the following changes: Brian Wesson, Clyde Wesson and Yvette Harrison will be appointed to the board. Brian Wesson will also be appointed as president and CEO; Clyde Wesson will be appointed Vice President; Daryl Midgley will be appointed as Chief Financial Officer; and Jeffrey Lightfoot will be appointed as Corporate Secretary.
The firm noted the current board members (including Michael Hepworth, Basil Botha, Paul Sargeant and Peter Pollard) will resign as well as the incumbent management team consisting of Michael Hepworth, Basil Botha and Greg Duras.
Nordic Gold Inc is a junior mining company with a near production gold mine in Finland.
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