Sotkamo Silver and Loiste Sähköverkko have reached an agreement to sell
Sotkamo Silver´s power line inclusive the transformer and other
equipment. With this deal Loiste wants to strengthen their own
power-line. The sale price is 1,3 M€ cash.
The sale releases resources and the Company will instead focus on what
we are good at i.e. start construction of the Silver Mine.
\"I am pleased with the reached agreement. The capital that will be
released in this transaction can be used for construction of the mine
and we can better focus on mining instead of transfer of electricity. It
is excellent that we have found a solution that will benefit both
parties\", says Timo Lindborg, CEO of Sotkamo Silver.
“By this deal, we can cost-effectively take advantage of a completed
built high-quality power line to secure power supply in the area south
of Kuhmo and Sotkamo. We will also participate to create new jobs in
Kainuu and promote local businesses.\" Says Reino Huusko, President of
Loiste Sähköverkko Oy
Stockholm July 1st 2016
Sotkamo Silver AB (publ)
Timo Lindborg, CEO
About Sotkamo Silver AB:
Sotkamo Silver AB´s business concept is to exploit mineral deposits in
the Nordic countries with regards to human society and environment.
Sotkamo Silver owns, through its subsidiary mineral deposits, which
contains silver and gold in Finland and exploration-potential targets of
zinc, lead, copper and gold in Norway. The Company’s main development
project is the Silver Mine project in the municipality of Sotkamo.
Sotkamo Silver applies SveMin’s & FinnMin’s respective rules of
reporting for public mining & exploration companies. Sotkamo Silver
has chosen to report mineral resources and mineral reserves according to
the internationally accepted JORC or NI 43-101-code. The company applies
International Financial Reporting Standards (IFRS) as approved by the
European Union.
The ticker symbol is SOSI at NGM and SOSI1 in NASDAQ OMX Helsinki.
ISIN-code for Sotkamo Silver shares are SE0001057910.
Read more about Sotkamo Silver on www.sotkamosilver.com or www.silver.fi
