Dannemora Mineral announces filing for reconstruction.
M2 EQUITYBITES-May 13, 2014-Dannemora Mineral announces filing for reconstruction
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Mining and exploration company Dannemora Mineral (STO:DMAB) announced today filing for company reconstruction with the Uppsala District Court.
This process is financed by a special reconstruction loan, which is expected to secure the group's funding for the initial three months of the reconstruction process.
According to the company, this decision to apply for reconstruction is based on the fact that the company has not reached the necessary financing solution in time, with shortage of liquidity as a consequence. A reconstruction will allow for further discussions with investors about a long-term solution to secure the company's future business.
This reconstruction covers the parent company Dannemora Mineral AB and its subsidiary Dannemora Magnetit AB.
Mikael Kubu, Ackordscentralen, is proposed in the application to administrate the reconstruction.
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