Northland Resources S.A.

Northland Resources S.A.

August 04, 2014 06:23 ET

Creditors' Meeting for Northland's Subsidiaries in Reorganization

LUXEMBOURG, LUXEMBOURG--(Marketwired - Aug. 4, 2014) - Northland Resources S.A. (OSLO:NAUR)(FRANKFURT:NPK)(OMX:NAURo) - (together with its subsidiaries "Northland", "NRSA" or the "Company") announces that the creditors' meeting for the Company's subsidiaries in reorganization will be held today at the Luleå District Court (the "District Court").

As announced on July 14, 2014, the Swedish Subsidiaries, Northland Sweden AB, Northland Resources AB (publ), and Northland Logistics AB has filed for and entered into a reorganization in accordance with the District Court's decision. As a part of the reorganization, a creditors' meeting will be held at 13.00 CET today at the District Court.

At the meeting will the appointed administrator of the reorganization, Lars Söderqvist, present how the reorganization have progressed and the conditions for it (the "Preliminary Reorganization Plan").

The Preliminary Reorganization Plan will be available at the Company's web site when the meeting starts:

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.

Contact Information

  • Northland Resources S.A.

    Johan Balck, CEO
    +46 920 779 00

    Johan Dagertun
    Vice President Financing and Business Control
    +46 920 779 00

    Niclas Dahlstrom
    Communication Manager
    +46 70 382 99 77