Nuuk, 2011-06-17 07:10 CEST (GLOBE NEWSWIRE) --
This announcement is not for release, publication or distribution in the United States of America, Canada, Australia or Japan.
Today, the board of directors of NunaMinerals A/S (“NunaMinerals”) resolved to offer up to 117,313 new shares in NunaMinerals A/S by way of directed issue at market price (the “Offer”).
The Offer
The Offer is completed by way of a directed issue to institutional investors in Denmark and abroad. The Offer is made with no pre-emption rights to NunaMinerals’ existing shareholders in compliance with the authorisation granted in article 3.A. of the articles of association.
The Offer is conducted through accelerated book-building of no more than 117,313 new shares of a nominal value of each DKK 100 (the ’New Shares’) corresponding to approx. 9.99% of NunaMinerals’ current registered share capital of DKK 117,430,600.00, nominal value. After the capital increase and subject to maximum subscription, NunaMinerals’ share capital will constitute DKK 129,161,900, nominal value, divided into 1,291,619 shares of each DKK 100, nominal value.
The offer price will be determined after closing of the accelerated book-building process. Based on the closing price of the share on 16 June 2011 of DKK 174, the Offer will generate gross proceeds of approx. DKK 20.4 million. It is expected that the subscription price, allocation and the nominal value of the New Shares to be issued will be published by 20 June 2011, however, the Offer may be closed at an earlier point in time.
The New Shares will in every respect carry the same rights as NunaMinerals’ existing shares. The New Shares will be issued in the name of the holder, be recorded in the company’s register of shareholders and be registered with VP Securities A/S. The New Shares are negotiable instruments, and no restrictions apply to the negotiability of the shares. The rights attaching to the New Shares, including voting rights and rights to dividends, take effect at the date of registration of the capital increase with the Danish Commerce and Companies Agency; this registration is expected to be completed by 27 June 2011.
Proceeds
The Offer of the New Shares is made in order to finance the company’s continued development.
The company intends to spend the net proceeds from the Offer to accelerate the development of the company’s focus projects, including the development of the company’s projects with rare earth elements (REE) as well as in the preparations for a potential dual listing of the company at a mining exchange in the long term. A minor part of the proceeds will go towards marketing and partnership searches in relation to the company’s other projects.
The development post Q1 2011
The Company’s activities develop as scheduled. On 7 June 2011, the company commenced initial drillings within its Qeqertaasaq REE-project and is expecting to commence initial drillings within its Tikiusaaq REE-project towards the end of June 2011. The results of the initial drillings are expected to be available during September 2011.
Admission for trading and official listing
The New Shares are expected to be admitted for listing at NASDAQ OMX Copenhagen A/S on 29 June 2011 under the ISIN code for the existing shares (DK0016190986) following registration of the share capital increase with the Danish Commerce and Companies Agency and the merger between the temporary ISIN code DK0060336600 and the existing ISIN code in VP Securities. The temporary ISIN code will not be admitted for trading and official listing at NASDAQ OMX Copenhagen A/S as it will only be registered with VP Securities for the purpose of subscription of the New Shares.
Expected schedule for the capital increase
| Date | Event |
| 17 June 2011 | The board of directors decides to exercise its authorisation to increase the share capital. |
| 20 June 2011 | Closing of book-building and allocation – publication of subscription price. |
| 24 June 2011 | Settlement and payment of the New Shares. |
| 27 June 2011 | Registration of the New Shares with the Danish Commerce and Companies Agency. |
| 29 June 2011 | The New Shares are expected to be admitted for trading and official listing at NASDAQ OMX Copenhagen. |
FURTHER INFORMATION:
Anton Christoffersen, Chairman of the board of directors, phone: +299 32 52 10, mobile: +299 55 52 10
Ole Christiansen, CEO, phone: +299 36 20 01, mobile: +299 55 18 57
ABOUT NUNAMINERALS A/S
NunaMinerals A/S is Greenland’s leading company in the exploration of precious and base metals as well as strategic metals. Firmly rooted in Greenland, the company is well positioned to exploit the mineral potential of one of the world’s few remaining unexplored regions. The geology of Greenland has a number of similarities with that of long-established mining countries such as Canada, South Africa and Australia, which all have substantial mineral deposits of gold, platinum, nickel and copper, among other commodities. Setting up partnerships that would bring further technical and financial expertise to the development of the company’s exploration prospects is a key element of NunaMinerals’ business model. NunaMinerals began operations in 1999 and is headquartered in Nuuk, Greenland. The company is listed at NASDAQ OMX Copenhagen A/S under the symbol “NUNA” (Copenhagen: NUNA.CO). For more information, please visit our website: www.nunaminerals.com.
This announcement contains forward-looking statements on NunaMinerals’ future financial developments and financial results as well as other statements that are not historical facts and that may prove to be incorrect. This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of the offered shares in any jurisdiction or to any person in which or to whom it is unlawful to make such an offer. This announcement is not for release, publication or distribution in the United States of America, Canada, Australia or Japan. Prospective investors should seek professional investment advice and examine relevant risks and legal aspects, including tax aspects, which could be relevant in connection with an acquisition of the shares.
Chairman of the board Anton Christoffersen, cellphone +299 55 52 10.
CEO Ole Christiansen, cellphone +299 55 18 57.