Norrlandsfonden supports Copperstone Resources with funds
Kiruna May 18, 2022
Norrlandsfonden will invest further away MSEK 5.5 in a debenture convertible into Copperstone Resources AB (“Copperstone” or “the Company”). In accordance with the existing loan contract within the framework of fundraising, Norrlandsfonden has the right, but not the obligation, to invest in Copperstone.
Credit facilities are agreed at Stibor 90 + 5% per annum, with quarterly interest payments. Norrlandsfonden has the right to convert parts of the amount or the entire amount until April 30, 2027. The conversion prices will be SEK 1.54/share, which corresponds to a premium of 40% over the weighted average based on the volume of recent directed equity issues at approximately SEK 1.1 per share.
Upon full conversion of the debenture, Norrlandsfonden would receive 3,571,428 shares of Copperstone, corresponding to a dilution of 0.3%.
“We are very happy and proud that Norrlandsfonden has again decided to support Copperstone. The increase in working capital is very useful now that the infrastructure investment phase is also approaching,” comments Anna Tyni, CEO of Copperstone.
The information was provided by the contact mentioned above for publication on May 18, 2022 at 07:15 CET.
Copperstone Resources AB is a company that is currently evolving into a modern and responsible mining company with the reopening of the Viscaria mine in Kiruna, Sweden. The deposit’s high-grade copper valued mineral resources, geographic location and growing team of experts offer good opportunities to become a key supplier of quality and responsibly produced copper – a metal that plays a vital role in the climate change from Sweden and Europe towards an electrified society. In addition to the Viscaria mine, Copperstone holds several other mining concessions and exploration permits at Arvidsjaur (Eva, Svartliden, Granliden) and Smedjebacken (Tvistbogruvan), all in Sweden. Shares of the parent company are traded on the Nasdaq First North Growth Market (ticker COPP B). Augment Partners is the firm’s certified advisor, [email protected], +46 8 604 22 55.