Nordic Mining ASA ("Nordic Mining" or the "Company") is pleased to announce that
the Company has irrevocable accepted to sell its shares in Keliber Oy
("Keliber") to Sibanye Stillwater Limited ("SSW") for a cash consideration of
EUR 157.28 per share, in total EUR 46.9 million (NOK 483 million), under a
voluntary offer ("Voluntary Offer") provided by SSW to the shareholders of
Keliber today. SSW's offer is made on the basis of an independently calculated
fair market value as determined by two leading independent investment banks,
Royal Bank of Canada and Bank of Montreal, in May 2022 in accordance with the
shareholders agreement for Keliber.
The offer period for SSW's Voluntary Offer commences today, Thursday 30 June
2022, and ends on Friday 19 August 2022, with transfer of shares and settlement
of the cash consideration to take place in the period 13 September to 19
September 2022, unless the offer period is extended.
Nordic Mining has been a pioneer in the development of production of battery
grade lithium in Europe, with the first investment in Keliber in 2008 up to the
last investment in February 2021, in relation to the initial phased equity
investment of EUR 30 million in Keliber from SSW. The sale of the investment
will result in a realized gain of around NOK 408 million