LONDON (Alliance News) - Talvivaara Mining Co PLC Wednesday said it has received permission from the Finish markets regulator and the NASDAQ OMX Helsinki Ltd exchange to delay the publication of its financial statements for 2013.
In a statement, the company said it will publish the statements as soon as possible and no later than the end of April.
The base metals producer with operations in Finland had previously said it would publish the financial information on March 27, but Monday said it had applied to delay publication due to difficulties achieving necessary funding.
It said in January that it planned to reorganise its operations to save cash after getting into financial difficulty after a sharp decline in the price of nickel early in 2013, and after its lenders declined to finance a restructuring on its own.
The company Monday said it has been able to continue operations for the time being after adding some cash generated from nickel and cobalt sales to its EUR5.9 million cash position at December 31, as well as cutting some costs by restricting operations.
However, Talvivaara said Monday that in the absence of funding, its liquidity situation remains critical. It is continuing to actively discuss short-term bridge funding and long-term financing solutions with certain parties.
The company noted that there is a material uncertainty that casts significant doubt upon the company's ability to continue as a going concern and that, therefore, Talvivaara may be unable to realise its assets and discharge its liabilities in the normal course of business.
Talvivaara shares were up 1% at 3.636 pence Thursday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
