STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Dannemora Mineral (STO: DMAB) has filed for company reconstruction with the Uppsala District Court. The process is financed by a special reconstruction loan, which is expected to secure the Group’s funding for the initial three months of the reconstruction process.
The decision to apply for reconstruction is based on the fact that the company has not reached the necessary financing solution in time, with shortage of liquidity as a consequence. A reconstruction allows for further discussions with investors about a long-term solution to secure the company's future business. The reconstruction covers the parent company Dannemora Mineral AB and its subsidiary Dannemora Magnetit AB. Mikael Kubu, Ackordscentralen, is proposed in the application to administrate the reconstruction.
Dannemora Mineral AB is a mining and exploration company of which the primary activity is mining operations in the Dannemora iron ore mine. The Company intends to engage in exploration activities to increase the iron ore base locally and regionally. The Company’s most important asset is the iron deposit in the Dannemora Mine, and activity is focused mainly on the mining of this deposit at present.
The Company is listed on NASDAQ OMX First North, Stockholm, and Oslo Axess. The Company's Certified Advisor on First North is Remium Nordic AB.
The Company's independent qualified person is mining engineer Thomas Lindholm, Geovista AB, Luleå. Thomas Lindholm is qualified as a Competent Person, as defined in the JORC Code, based on education and experience in exploration, mining and estimation of mineral resources of iron, base and precious metals.
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