The holder of the convertible bond is entitled to, up until 2020-12-31, request conversion of all or part of the amount. The conversion rate is 0.80 SEK and is interest-free and runs until 2020-12-31.
“It is very gratifying for Botnia Exploration Holding AB and our shareholders that this financing solution has been possible to establish. Norrlandsfonden’s choice to participate with a long-term convertible solution is very positive and shows great confidence in our company. According to our plans, the test blasting in Fäbodtjärn will generate a positive cash flow already by late summer 2015. Hence the financing solution is very favourable for Botnia Exploration and ensures our plans to immediately finalise the work with applications for test mining to the County Administrative Board. This work has started and is conducted by Vatten & Markbyrån AB in Luleå”, says Bengt Ljung CEO for Botnia Exploration Holding AB.
“Botnia Exploration is a company with a clear strategy and good management. The current test mining of Fäbodtjärn has great potential to show good profitability and will strengthen the company for coming efforts”, says Petter Alapää, Business Analyst at Norrlandsfonden.
