Bluelake Mineral receives approximately SEK 3.8 million through directed share issue - Bluelake Mineral
Summary
The Board of Directors considers that the reasons for deviating from the shareholders preferential rights are to (i) strengthen the Companys shareholder structure through qualified and long-term shareholders with a strong capital base and with a keen interest in industry development in the Tr\xf8ndelagregion and strengthen the shares liquidity (ii) a rights issue, compared to a directed new share issue, would take significantly longer to implement and entail a higher potential risk for a substantial negative effect on the share price, (iii) the implementation of a directed new share issue can be made at a lower cost and with less complexity than a rights issue and in the light of market volatility, the Board has assessed that a rights issue also entails a risk of not becoming fully subscribed and would require significant guarantee commitments from a guarantee consortium, which would result in additional costs, and (iv) quickly act on investment opportunities in line with the Companys growth strategy. In Sweden, the Company owns Stekenjokk-Levi project, where a total of approximately 7 million tonnes of ore were mined between 1976 and 1988 with an average grade 1.5% Cu and 3.5% Zn. The securities referred to herein have not been and will not be registered under the applicable securities laws of Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or Switzerland and, except as provided in certain exceptions, may not be offered or sold in or to or for the benefit of any person who is a resident of, or is located or domiciled in, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or Switzerland. No public offering of the securities described herein will be made in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or Switzerland. The Company has not authorized any offer to the public of securities in any EEA Member State and no prospectus has been or will be prepared in connection with the Directed Share Issue.