Final Tranch of cash released13 Aug 2024 10:03
Good work on site.
Independent engineers indicate project is on time and on budget.
FROM RNS Below.
Nordic Mining ASA ("Nordic Mining" or the "Company") is pleased to announce that
the Company, through its wholly owned subsidiary Engebø Rutile and Garnet AS
("ERG"), has completed the third, and final, release of USD 48 million from the
Escrow Account that holds the proceeds from the issuance of the USD 100 million
senior secured bond ("Bond").
The third, and final, release is another important milestone for the Engebø
Project as the independent engineer appointed on behalf of the bondholders
confirmed for the third time that a cost-to-complete test has been satisfied,
being a third-party assessment of the Company's projections that the Engebø
Project has sufficient funding and will be completed on time. A similar
assessment was confirmed by another independent engineer in connection with the
drawdown of the USD 50 million non-dilutive royalty instrument as announced 16
November 2023.
Production start is expected in Q4 2024 with sales revenue expected in Q1 2025.