Dannemora Mineral gets final SEK 10 million bridge financing payment

By Kali Hays

New York, March 20 - Dannemora Mineral AB received the final disbursement of about SEK 10 million from its SEK 21 million bridge financing, according to a Thursday news release from the company.

As previously reported, the company is using the bridge financing to fund the working capital needs of the Dannemora group as it explores possible long-term financing solutions.

The company is also asking bondholders to grant a temporary waiver of its requirement to make the March 22 interest payment on its bonds, as well as its failure to make a Sept. 22 interest payment and its breach of a minimum liquidity covenant.

The company's bond trustee, Norsk Tillitsmann ASA, "has summoned the bondholders to a meeting to approve the request for the waivers," which is scheduled to take place on March 26, the release stated.

Dannemora is an iron ore producer based in Danderyd, Sweden.

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