Dannemora Mineral wins extension of bridge financing, temporary waivers

By Kali Hays

New York, April 4 - Dannemora Mineral AB has reached an agreement with bondholders for temporary waivers of the $7.05 million interest payment of March 22 and that of Sept. 22, 2013, according to a Friday news release from the company.

The company also has an extension of its SEK 50 million minimum cash liquidity requirement to April 17.

Bondholders in Dannemora Magnetit AB, a subsidiary of the company, also agreed to further extend the maturity date of its SEK 21 million bridge financing to April 17, according to the release.

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.

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

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