Northland announces that composition proceedings will be held
28.11.2014 | The Newswire
Luxembourg, November 28, 2014 - Northland Resources SE (OSE: NAUR, Frankfurt: NPK, Nasdaq OMX/First North: NAURo - "Northland", "NRSE" or the "Company") announces that Lulea District Court (the "Court") has approved the Company's request of composition proceedings for the Swedish subsidiaries Northland Resources AB (publ) and Northland Logistics AB. The meeting will be held on December 19, 2014.The Court has approved the Company's request of composition proceedings for the Swedish subsidiaries Northland Resources AB (publ) ("NRAB") and Northland Logistics AB ("NLAB"), which was filed on November 27, 2014. Following this request, the Court has ordered the commencement of composition proceedings and will summon all NRAB's and NLAB's creditors to a creditors' meeting to be held on December 19, 2014 at 13 a.m. (CET). At the creditors' meeting, the creditors will vote in respect of the presented composition proposal.
The composition proposal can be found in the reorganization plan published on the Company's webpage:
http://www.northland.eu/en-us/investor-relations/financials/the-reorganization
or at the Administrator's webpage: www.hsa.se
For more information, please call: +46 978 126 60
Email ir@northland.eu or visit our website: www.northland.eu
Northland is a producer of iron ore concentrate, with a portfolio of production, development and exploration mines and projects in northern Sweden and Finland. The first construction phase of the Kaunisvaara project is complete and - production ramp-up started in November 2012. The Company expects to produce high-grade, high-quality magnetite iron concentrate in Kaunisvaara, Sweden, where the Company expects to exploit two magnetite iron ore deposits, Tapuli and Sahavaara. Northland has entered into off-take contracts with three partners for the entire production from the Kaunisvaara project over the next seven to ten years. The Company has also finalized a Definitive Feasibility Study ("DFS") for its Hannukainen Iron Oxide Copper Gold ("IOCG") project in Kolari, northern Finland.
Forward-Looking Information
This announcement may include "forward-looking" information within the meaning of applicable securities laws. This forward-looking information can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative, or other variations or comparable terminology. This forward-looking information includes all matters that are expectations concerning, among other things, Northland's results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which it operates. By their nature, forward-looking information involves risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking information is not a guarantee of future performance and that Northland's actual results of operations, financial condition and liquidity, and the development of the industry in which it operates may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, even if Northland's results of operations, financial condition and liquidity, and the development of the industry in which Northland operates are consistent with the forward-looking information contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.
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