Copperstone Resources: Distribution in kind of the holdings in Nordic Iron Ore AB prior to its market listing
The Board of Copperstone Resources AB (publ) (the "Company" or "Copperstone") is pleased to announce that Nordic Iron Ore AB (publ) ("NIO" or "Nordic Iron Ore") is preparing a market listing of their shares (the "Listing"). Copperstone currently holds 11.157.684 shares in NIO, corresponding to approximately 10.2 percent of the total shares in Nordic Iron Ore.
The Board of Copperstone will propose to its Annual General Meeting 2018 to make a resolution regarding a pro-rata distribution in kind, to the Copperstone shareholders, of the Company's holdings in Nordic Iron Ore. Tentatively, every twenty two (22) shares in Copperstone will entitle to one (1) share of Nordic Iron Ore. In addition, the Board of Copperstone has agreed to convert 50% of the Company's loan including accrued interest (as per today's date the total loan amounts to approx. 16.102 MSEK) (the "Loan") into new shares in Nordic Iron Ore at the price 0.50 SEK per share (the "Converted Shares"), equivalent to the price in NIO's recently announced preferential rights issue.
This conversion is conditioned upon a resolution from the General Meeting to be held in NIO. The Converted Shares will be placed in conjunction with the Listing. The remaining 50% of the Loan, including accrued interest, has been re-negotiated into a two-year convertible loan with a conversion price of 1 SEK per share in NIO, equivalent to the exercise price of the warrants to be issued in NIO's preferential rights issue. The annual interest rate amounts to 5.5%. Between year one and two, Copperstone may call upon conversion of the convertible loan and accrued interest into shares, and NIO may, also between year one and two, call to repay the convertible loan, and Copperstone is in such case entitled to opt for shares or cash. At maturity, NIO may call on conversion. For more information regarding Nordic Iron Ore, the background and reasons for the Listing, as well as the proposed rights issue, please refer to www.nordicironore.se
"Nordic Iron Ore is an exciting company that has taken substantial steps forward towards a re-opening of the Ludvika mines and the production of high grade iron ore. Copperstone is consistently focusing more at its core business of the Copperstone project in Norrbotten, and consequently a distribution in kind of the NIO holding to our shareholders, followed by a capitalisation and listing of NIO is a logical next step and the best solution for the future of both Copperstone and NIO. Through the proposed transactions, Copperstone shareholders will initially receive an additional 10% of NIO, Copperstone will receive cash and at the same time retain a significant interest in NIO through the remaining bond loan being re-negotiated into a convertible loan with a significant option value", comments Copperstone Chairman Michael Mattsson.
10th April, 2018
For further information, please contact Chris McKnight (CEO) at +46(0)580-88890, Michael Mattsson (Chairman) +46 705 739 777, email@example.com or refer to Copperstone webpage: www.copperstone.se
This press release contains insider information which Copperstone Resources AB (publ) is obliged to publish according to the EU market abuse regulation (MAR). The information was delivered by the above mentioned contact for publishing 10th April 2018 at 0800 CET.
Copperstone is a public company trading as COPP B on NASDAQ First North (Stockholm). The Certified Adviser is Augment Partners AB. The Company is focused on base and precious metal exploration in the vicinity of the internationally recognized mining region of the Skellefte-field in northern Sweden. The Copperstone project is situated on four contiguous exploration permits in Norrbotten County (Sandberget 100 (8074ha), Sandberget 200 (19ha), Sandberget 300 (19ha) and Svartliden 1001 (444ha). In addition the Company owns one exploitation concession within the same area, namely Svartliden K no. 1 (36ha) and an approved application for Eva k no. 1 (34ha) subject to an objection. The Company also owns the Tvistbogruvan K no. 1 (11ha) exploitation concession and the Såggården no. 1 (199ha) exploration permit in the Bergslagen mining region of central Sweden. Quoted surface areas are approximate to the nearest hectare. All exploration permits and exploitation concessions are 100% owned, either directly or through a subsidiary.
NIO is a mining company aiming at reopening and developing the iron ore production in the main Ludvika mines Blötberget and Håksberg. Moreover NIO intends to expand its mineral resources and upgrade them to iron ore reserves, mostly through prospecting and study of the Väsman-field, connecting the two main mines.
Copperstone today was awarded additional exploration permits from the Mining Inspector, regarding more than 8,000 ha in Arvidsjaur municipality.
Copperstone Resources AB ("Copperstone" or "the Company") is pleased to announce that the Company has signed a 5-year 25 MSEK credit facility. In addition a non-binding term sheet regarding a convertible debt facility of 100 MSEK has been signed with a US-based fund. Upon the convertible debt facility becoming binding and the first tranche of 22.5 MSEK has been paid out, closing of the Viscaria acquisition is anticipated to occur shortly thereafter. In total, up to 125 MSEK will thereby be secured to finance the further development of New Copperstone including Viscaria.
The Board of Copperstone ("Copperstone" or "the Company") announces that Michael Mattsson takes over as CEO of Copperstone, as Chris McKnight steps down. As the company is growing, Copperstone will separate the roles of CEO and Exploration Manager. Ann Zetterberg Littorin will take over as Chairman of the Board, effective immediately.
COPPERSTONE CONFIRMS LARGE SCALE EXPLORATION TARGET POTENTIAL OF 150-210 MILLION TONNES AT 0.25-0.45% COPPER AT GRANLIDEN AND PROVIDES AN UPDATED MINERAL RESOURCE INVENTORY FOR THE PROPERTY
Copperstone Resources AB ("Copperstone" or "the Company") is pleased to announce that an Exploration Target potential of 150-210 million tonnes at a grade of 0.25-0.45% copper has been estimated by Micon International Co LTD (UK) ("Micon") for the Granliden area of the project. This potential is in line with recent guidance and is based on an independent analysis of exploration drilling results predominantly from the drill campaign carried out by the Company in 2018.
Idag den 27 november 2018 hölls extra bolagsstämma i Copperstone Resources AB (publ) ("Bolaget") i Hamilton Advokatbyrås lokaler på Hamngatan 27 i Stockholm. Nedan följer en sammanfattning av de beslut som fattades.
Copperstone Resources AB ("Copperstone") is pleased to announce that 99,95% of the shareholder votes represented at the Sunstone Metals Ltd ("Sunstone") Extra General Meeting today were in favour of the Viscaria transaction with Copperstone.
Copperstone Resources AB ("Copperstone" or "the Company") is pleased to announce the Interim Quarterly Report (Q318) for the Company. A brief summary of the report follows:
Financial results for the Group for July 1st to September 30th 2018:
- Result before taxes amounted to -955 (-962) KSEK.
- Earnings after tax per share were 0.0 (-0.0) SEK.
- The cash flow during the period was -5,428 (351) KSEK.
Financial results for the Group for Year to date as of September 30th 2018:
- Result before taxes amounted to 4,589 (-6,026) KSEK.
- Earnings after tax per share were 0.02 (-0.03) SEK.
- The profit for 2018 is due to the netting of receivable in NIO for shares and a convertible. The receivable was acquired by Copperstone at a discount to nominal value in 2016, generating a profit of 8.2 MSEK at its finalization before the listing of NIO at Nasdaq First North.
- The closing balance of cumulative capitalized expenditure for exploration amounted to 56,483 (35,694) KSEK.
- Total assets at the end of the period was 77,387 (50,760) KSEK.
- The cash flow during the period was -25,949 (1,606) KSEK.
- The liquidity at the end of the period was 2,337 (4,335) KSEK.
KALLELSE TILL EXTRA BOLAGSSTÄMMA I COPPERSTONE RESOURCES AB (PUBL)
Copperstone Resources AB ("Copperstone" or "the Company") announces that Stiftelsen Norrlandsfonden ("Norrlandsfonden") will convert 1.5 MSEK of the September 2015 tranche, into 6,250,000 B-shares in Copperstone at a conversion price of 0.24 SEK. The transaction will result in a strengthening of the financial net and balance sheet of Copperstone. The share capital of Copperstone will increase by 625,000 SEK to 24,860,376.10 SEK. The number of outstanding shares will increase to 248,603,761, corresponding to a dilution of 2.51% (of the total 5.92% indirect ownership in Copperstone that Norrlandsfonden currently holds).
The Board of Copperstone Resources AB ("Copperstone" or "the Company") is pleased to announce that it has entered into a Share Sale and Purchase Agreement ("SPA") with Sunstone Metals Ltd Australia ("Sunstone") regarding the acquisition of 100% of Avalon Minerals Viscaria AB ("Viscaria"), substantially in accordance with the Letter Of Intent signed and announced between the parties 8th August 2018.
Copperstone Resources AB
Marknadsplats: First North
Interim report Q2 2018
2019-02-21 Bokslutskommuniké 2018