Nuuk, 2014-04-15 07:00 CEST (GLOBE NEWSWIRE) --
The Board of Directors of NunaMinerals A/S has today considered and approved the interim report for Q1 2014
The result before tax for the period was a loss of 1.7 mDKK after capitalisation of exploration and evaluation costs, which is according to expectations.
NunaMinerals A/S has invested 1.5 mDKK in exploration and evaluation during the first three months, following the plans laid out in the Annual Report 2013.
In January 2014 the Company has recorded a subordinated loan of 3.5 mDKK from Greenland Holding A/S, who has made a commitment to subscribe for an amount equal to the loan including accrued interest in described potential capital raise.
Working Capital at 31 March 2014 is 2 mDKK in form of a credit facility.
Marketing of the Company’s prospects were conducting during Q1-2014 in Copenhagen, Toronto and Nuuk. The company is continuously in dialogue with potential partners for the company’s exploration projects.
The Company expect a negative EBITDA of 5-10 mDKK in 2014, but entering partnerships on the Company’s licenses could change this.
The Company is having ongoing negotiations with investors and other parties to secure short term liquidity and a capital injection to fund the continued exploration and development of the NunaMinerals’ Vagar Gold Project.
On behalf of NunaMinerals A/S
Birks Bovaird, Chairman of the Board of Directors • Ole Christiansen, President and CEO