Nuuk (COPENHAGEN: NUNA.CO / NUNA.DC), 2014-08-12 08:00 CEST (GLOBE NEWSWIRE) -- Resume
- The result before tax for the period was a loss of 3.2 mDKK after capitalisation of exploration and evaluation costs, which is in line with expectations.
- NunaMinerals A/S has invested 3 mDKK in exploration and evaluation during the first half of 2014, following the plans laid out in the Annual Report 2013.
- In June 2014 the Company obtained a loan of 2.5 mDKK from Greenland Holding A/S, which has made a commitment to convert the loan including accrued interest in a possible, future capital raise.
- Working Capital as of June 30 2014 is 2.3 mDKK including a credit facility of 2 mDKK.
- In cooperation with KORES, the Company has conducted an exploration- and drilling program including 2,000 meters of drilling at the Qeqertaasaq license. Initial results for the mineralogical testwork are expected during Q4-2014. This programme is fully funded by KORES under the terms of an Earn-in Option Agreement with NunaMinerals.
- During June, NunaMinerals accompanied a potential JV partner/investor during a site visit to the Vagar gold project as part of their due diligence of the prospect.
- There is still uncertainty about the Company’s ability to obtain the necessary bridge funding to complete a capital increase, but 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.
- The Company expects a negative EBITDA of 5-10 mDKK in 2014.
On behalf of the Board:
Birks Bovaird, Chairman of the Board of Directors • Ole Christiansen, President and CEO
Ole Christiansen, CEO, oc@nunaminerals.com, +299 55 18 57
