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Dannemora Mineral AB (STO:DMAB) * On 18 June, the Swedish Environmental Court approved Dannemora Mineral's application to conduct mining activities in Dannemora. The ruling now has the force of res judicata and cannot be appealed.
* In the second quarter, Dannemora Mineral completed a private placement which brought the company funds of SEK 155 million before expenses. A total of 3,100,000 shares were subscribed for at a price of SEK 50. The purpose of the new share issue is to finance time-critical installation work, including the pumping of the Dannemora iron ore mine.
* At the end of June, Dannemora Magnetit entered into an agreement on pumping out the Dannemora mine with a consortium made up of ITT Water & Wastewater AB and Contector AB. Dannemora Magnetit has started preparation work and the consortium will begin its mobilisation immediately after summer.
* On 1 April, the previously purchased property portfolio was transferred to Dannemora Mineral and a separate company was formed, with responsibility for ownership and management of the property portfolio. In conjunction with the expansion, Kjell Klippmark was appointed new CEO of Dannemora Magnetit AB, while Lars Alm became CEO of Dannemora Förvaltnings AB.
* A warrant and share option incentive scheme was introduced for the CEO and key management personnel.
* An exploration programme was initiated in spring to increase the reserves in Dannemora.
* Profit/loss after net financial items in the period January-June 2008 amounted to SEK -10.5 (-3.0) million.
* Cash flow from operations in the period January-June 2008 amounted to SEK -19.1 (-3.4) million.
* Investments in the period January-June 2008 amounted to SEK 22.5 (10.9) million.
* Cash & cash equivalents were SEK 36.7 (81.3) million at 30 June 2008. The proceeds of the new share issue were paid in after the end of the reporting period.
The full report with tables can be downloaded from the following link:
