Nordic Iron Ore raises SEK 20 million after positive DFS

8 November 2019

Nordic Iron Ore has resolved on a rights issue of SEK 20 million which will provide capital for preparations for mining activities in Blötberget and give sufficient time for negotiation of required financing agreements. During 2019 the definitive feasibility study (“DFS”) regarding Blötberget was finalised. The DFS demonstrates good conditions for profitable mining activities, inter alia with an estimated yearly EBITDA of approximately MSEK 600 at full-scale production.

Besides the production preparations, the Company is conducting a study of Väsmanfältet, which is assumed to have a significantly larger iron ore reserve. Since both Väsmanfältet and Håksberg is nearby Blötberget, there is potential for significant economies of scale and synergies in terms of infrastructure.

Augment acts as financial advisor in the transaction.

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