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Dec 11, 2017
Firesteel Resources Closes JV Agreement with Nordic Mines AB and Concurrently Closes US$20.6 Million Financing to Restart Gold Mine in Finland
Firesteel Resources Inc. (“Firesteel”), a mining company engaged in the acquisition and exploration of prospective precious and base metal properties in Canada and around the world, closed a joint venture agreement (“JV Agreement”) with Nordic Mines AB (“Nordic”) and now owns a controlling 60% interest in Nordic Mines Marknad AB (“Marknad”).
Under the JV Agreement, Firesteel will be the operator of the Laiva Mine in Finland, and intends to soon acquire the remaining 40% of the equity in Marknad in exchange for Firesteel common shares.
In addition, Firesteel has received the US$20.6 million in funds under the Prepaid Forward Gold Purchase Agreement (“PPF Agreement”) with PFL Raahe Holdings LP (“PFL”). PFL is a limited partnership organized under the laws of the Province of Ontario and an investment vehicle controlled by Pandion Mine Finance, LP.
Firesteel has received conditional approval from the TSX Venture Exchange for the transactions contemplated by both the JV Agreement and PPF Agreement.
Aird & Berlis represented Firesteel with a team comprised of Tom Fenton, Sean Mason, Melanie Cole (Capital Markets), Peter Czegledy (Corporate/Commercial) and Aaron Collins (Banking & Finance).