Nickel Mountain Group AB has published Interim financial report for the 4th quarter and for the full 12-month period of 2013.The report is attached, and also available at our web site www.nickelmountain.se
Highlights during the 4th quarter 2013
· In total some 12.9 million SEK (“MSEK”) of short-term interest free mainly promissory note loans were granted during the 4th quarter of 2013. All in all, during the second half of 2013 some MSEK17 of short term loans were secured including nearly MSEK 4 of interest bearing loans from main shareholder Altro Invest. · An EGM held in November 2013 approved of the new company name Nickel Mountain Group AB (publ). · At the same EGM the shareholders gave authority to initiate a civil court process to claim compensation from previous Board members in respect of the damage in connection with the contested Ghana Gold -transaction earlier in 2013. · The November 2013 EGM in addition approved a decision in principle to separate all the remaining Africa assets of the group and to offer the shareholders pre-emptive rights to receive said assets. · The same EGM also decided to reduce the share capital by MSEK 36.3 and to transfer the funds to a free reserve. This reduction will take effect as from end of March 2014 after expiry of a notice period. A mandate was also given to the Board of Directors to decide on new share issues with a deviation from the shareholders’ preferential rights. · At end of 2013 the Board of Directors approved of the 2014 work programme for the Company’s key nickel project in RÖnnbÄcken in Northern Sweden. The approved work program is part of the ongoing preparations to submit a Pre-Feasibility Study (PFS) in respect of the nickel project as well as to submit an application for an associated environmental permit to the Swedish Authorities. · At the end of December 2013, Nickel Mountain Group AB acquired a Swedish partnership containing primarily a residual cash amount. As a result, a revenue component of MSEK 9.7 arose on consolidation, which also equals the cash flow effect on group level. · For prudence reasons, the MSEK 50 claim on Alluvia Mining was written down by MSEK 20. · Net result after tax for the quarter October – December 2013 amounted to MSEK -20.1 (MSEK -101.1). It includes non-cash flow effecting impairment and depreciation of fixed assets of MSEK 21.2 (MSEK 124.4). This corresponds to earnings per share (EPS) of SEK -1.11 (SEK -5.56). · The total comprehensive loss for the last quarter of 2013 was MSEK -20.8 (MSEK -101.8).
(Complete report enclosed for the fourth quarter)
This information was brought to you by Cision http://news.cision.com
The following files are available for download: