Published: 2015-02-20 16:06:31 CET
NunaMinerals A/S
Company Announcement

NunaMinerals in severe financial distress

Outcome of current attempts to find a solution are very uncertain

Nuuk, 2015-02-20 16:06 CET -- With reference to company announcements no. 5 of 30 January 2015 and no. 7 of 2 February 2015, the Board of Directors of NunaMinerals A/S hereby informs that the Board of Directors and the Executive Management continue their effort to find a solution for NunaMinerals’ financial situation, including a solution with regard to the loan of DKK 4.5 million provided by the Government of Greenland which became payable after 31 January 2015. The company is currently not able to meet its payment obligations towards the Government of Greenland and has no liquidity to finance its activities going forward. 

Whether the current on-going attempts vis-á-vis possible investors could lead to a viable solution is still very uncertain and could result in a decision to commence insolvency proceedings depending on the developments over the next coming days.

The Board of Directors will provide a further update to the market early next week.

For additional information, please contact:
Ole Christiansen, President and CEO, mobile: +299 55 18 57

Birks Bovaird, Chairman of the Board, mobile: +1 416 518 0100

 

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ABOUT NUNAMINERALS A/S

NunaMinerals A/S is Greenland’s leading company in the exploration of precious and base metals as well as strategic metals. Firmly rooted in Greenland, the company is well positioned to exploit the mineral potential of one of the world’s few remaining unexplored regions. The geology of Greenland has a number of similarities with that of long-established mining countries such as Canada, South Africa and Australia, which all have substantial mineral deposits of gold, platinum, nickel and copper, among other commodities. Setting up partnerships that would bring further technical and financial expertise to the development of the company’s exploration prospects is a key element of NunaMinerals’ business model.  NunaMinerals began its operations in 1999 and has its headquarter in Nuuk, Greenland.

The company is listed at NASDAQ OMX Copenhagen A/S under the symbol “NUNA” (Copenhagen: NUNA.CO).

 For more information, please visit our website: www.nunaminerals.com.

This announcement contains forward-looking statements on NunaMinerals’ future financial developments and financial results as well as other statements that are not historical facts and that may prove to be incorrect. This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of the offered shares in any jurisdiction or to any person in which or to whom it is unlawful to make such an offer. This announcement is not for release, publication or distribution in the United States of America, Canada, Australia or Japan. Prospective investors should seek professional investment advice and examine relevant risks and legal aspects, including tax aspects, which could be relevant in connection with an acquisition of the shares.

         Ole Christiansen, President and CEO, mobile: +299 55 18 57
         Birks Bovaird, Chairman of the Board, mobile: +1 416 518 0100