Nordic Mines announces rights issue terms, brings in Eldorado

Nordic Mines Ab (STO: NOMI) managed to secure a strategic partner in Eldorado Gold Cooperatief U.A. (“Eldorado”), a subsidiary to Eldorado Gold Corporation (TSX: ELD). This came with a price for existing investors though as the terms or the rights issue and a direct issue to Eldorado come at a significant discount. Existing shareholders have the right to subscribe for one new share per each owned share at a subscription price of 6 SEK. The rights issue is fully guaranteed.

Nordic Mines thinks that a strong industrial owned will be able to assist in realizing the full potential of Laiva mine gold deposit. Delays in production start-up and ramp-up have led to a tight liquidity situation, forcing such a solution. Nordic Mines share retreated all the way down to around 10 SEK before staging a slight recovery on Friday.