Fourth Quarter and Year End report 2013 Lappland Goldminers AB
ET | Source:Lappland Goldminers AB
Lappland Goldminers AB is hereby announcing its Fourth Quarter and Year End
report for 2013
Corporate restructuring process according to plan
October - December 2013:
Lappland Goldminers AB’s full scale test of the Karoliina mineralization showed
positive results for the gold recovery and confirmed that the mineral process at
Pahtavaara is working for the new ore from the Karoliina mineralization.
Lycksele District Court approved the company’s application for an extension of
the ongoing corporate restructuring process up to December 27th.
An Extra General Meeting held on December 10th 2013 elected Sven Rasmusson as
new member and chairman of the Board.
Thomas Häggkvist was appointed new CEO for the parent company and the Group as
per December 12th 2013.
Lappland Goldminers applied for an additional extension of the restructuring
process until March 24th 2014. The application was approved by Lycksele District
Court on January 10th 2014.
As a result of the non-concluded sales process related to the Group’s gold
project in Fäboliden, the Board has decided to impair the value of the project
in the balance sheet to 0 resulting in a negative effect in the income statement
of SEK 178.8 million.
Events after the expiration of the reporting period:
The production of gold at the Company’s gold mine at Pahtavaara during the
period January and February 2014 amounted to 100.5 kg.
Lappland Goldminers proposes a composition agreement to its creditors followed
by a set off share issue and a subsequent preferential rights issue
The Lycksele District court has set out a date for the creditors meeting to the
1st of April at 13.00.
As a part of the ongoing restructuring process the company has summoned to an
EGM, to be held on the 14th of April to decide upon a set off issue and an
authorisation for a preferential rights issue.
The District court in Helsinki has during January 2014 approved the 5 year
restructuring program for the wholly owned subsidiary Lappland Goldminers Oy.
As a consequence of the impairments made in the annual accounts, the Board has
prepared a balance sheet for liquidation purposes (KBR I) to be referred to an
upcoming Extra General Meeting to decide upon.
TSEK October-December January - December
2013 2012 2013 2012
Sales 27,859 34,900 80,955 210,795
Result before depreciation -11,019 -4,762 -22,512 54,431
and write-downs, Pahtavaara
Result before depreciation -14,977 -7,678 -41,198 33,106
and write-downs, Group
Net income/loss -238,144 -52,476 -296,652 -58,227
Cash flow from operating -10,501 3,980 1,145 34,634
Capital expenditure 5,958 19,406 19,272 80,596
Equity/total assets, % ** -144 29 -144 29
Gold production Pahtavaara, 101 126 344 582
Gold production Pahtavaara, 3,238 4,042 11,045 18,722
Gold deliveries, kgs 118 122 324 613
Gold deliveries, tr.oz 3,798 3,910 104,30 19,717
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