Arctic Minerals has carried out deep diamond drilling at its Peräpohja copper Joint Venture project in Finland. The drilling program has been carried out at three different targets and resulted in valuable information for the prioritization of target areas and for a target scale 3D geological model. Further plans for 2021 include drilling with a light drill rig in order to carry out deeper sampling of Base-of-Till, additional logging and sampling of archive core and also additional geological fieldwork. Further deep diamond drilling may also be carried out. The Company has applied for in total 13 new exploration permits totalling 487 km2 in the Peräpohja copper project.
New sampling results confirm cluster of gold-bearing soil samples likely to be of local origin. Following the overall positive results from the exploration in 2020, the Company has applied for an exploration permit at Nutukka, including the cluster areas. The Company now plans for drilling with a light drill rig during the 2021 summer field season in order to carry out deeper sampling of base of till and top of bedrock. Also planned is a magnetic survey to be carried out by drone. Further exploration work may also include trenching with use of an excavator, as well as further soil sampling.
The Board of Directors of Arctic Minerals AB (publ) ("Arctic Minerals", the "Company" or the "Parent company" and together with its subsidiaries the "Group") (the "Board") hereby submits the year-end report for the full year January - December 2020.
An extraordinary general meeting of Arctic Minerals AB (publ) (the "Company") was held today on 4 January 2021 in Östersund.
The shareholders of Arctic Minerals AB (publ), reg. no. 556569-3602, (the "Company"), are hereby convened to the extra general meeting to be held on 4 January 2021, at 14.30 CET at the Company's premises at Köpmangatan 22 in Östersund.
The board of directors of Artic Minerals AB (publ) ("Arctic Minerals" or the "Company") has resolved, conditional upon approval at a subsequent extraordinary general meeting, on a directed new share issue with payment in cash of up to 40,965,652 shares, which will raise proceeds to the Company of up to SEK 30 724 239 million before issue costs (the "Directed New Share Issue"). Further, the board of directors has resolved, conditional upon approval at a subsequent extraordinary general meeting, on a directed new share issue with payment through set-off to three of the Company's creditors of up to 11,713,337 shares, which will result in the Company's debts decreasing by up to SEK 8,785,002.75 million (the "Set-Off Issue"). The subscription price in both new share issues amount to SEK 0.75 per share and has been determined through an accelerated book building process in connection with the Directed New Share Issue.
Arctic Minerals AB (publ) ("Arctic Minerals" or the "Company") hereby announces its intention to carry out a directed new share issue of approximately MSEK 30.7 to Swedish and International professional investors (the "Directed New Share Issue"). In connection with the Directed New Share Issue, the Company is also considering the possibility of carrying out a directed new share issue with payment through set-off, applying the same subscription price as in the Directed New Share Issue, of approximately 8.8 MSEK to certain creditors in the Company.
Follow-up sampling finds cluster of gold-bearing soil samples likely to be of local origin.
Arctic Minerals is pleased to announce that it has found more copper-rich samples at its Peräpohja copper project in southern Finnish Lapland. Some of the samples also showed significant contents of gold, silver and lead. In addition, planning activities to commence diamond drilling at selected areas in Peräpohja are also under way. The Peräpohja copper project is the subject of an earn-in and joint venture agreement with the Rio Tinto group, one of the world's largest mining companies (see Press Release of 21 January 2020).