Danderyd June 26, 2020
Norrlandsfonden will invest 2 MSEK in a convertible debenture in Copperstone with eight years to maturity. In accordance with the existing loan agreement in connection with fund raisings, Norrlandsfonden has the right, but not obligation, to invest in Copperstone.
“We are naturally very pleased to continue our co-operation with Norrlandsfonden to develop our operations in the region. This is the fifth straight Norrlandsfonden investment, and Norrlandsfonden now constitutes Copperstone’s only interest-bearing debt. This time around the working capital injection reinforces the momentum in the Viscaria Copper Project in Kiruna as well as our project in Arvidsjaur.”, comments Copperstone CEO Michael Mattsson.
The credit facility is at Stibor 90 + 5 % annual interest with quarterly interest payments commencing from September 30, 2020. Norrlandsfonden is entitled to convert parts of, or the entirety, the nominal value (not on the accrued interest) up and until maturity December 31, 2028. The conversion price shall be 0.74 SEK/share, corresponding to a 40% premium from the latest directed issue in May 2020. At full conversion of this convertible debenture, Norrlandsfonden would receive 2,702,702 class B-shares, corresponding to a dilution of 0.4%.
For further information, please contact Michael Mattsson (CEO) at +46(0)580-88890, or email@example.com or refer to Copperstone webpage: www.copperstone.se.
The information was delivered by the above-mentioned contact for publishing June 26, 2020 at 14:10 CET.
Copperstone is a public company trading as COPP B on Nasdaq First North Growth Market in Stockholm, Sweden. The Certified Adviser is Augment Partners AB, firstname.lastname@example.org, +46 8 505 65 172. The Company is focused on base and precious metal exploration in the vicinity of the internationally recognized mining districts of Kiruna and the Skellefte-field in northern Sweden. In addition, the Company also owns an exploitation concession in the Bergslagen mining region, in central Sweden.