Talvivaara shareholders authorize board to raise funds via share issue

By Caroline Salls

Pittsburgh, Feb. 2 – Talvivaara Mining Co. plc’s shareholders voted at an extraordinary general meeting held Thursday to authorize the company’s board of directors to issue shares to raise the funds needed to pay Talvivaara’s remaining restructuring debts and/or develop its new business opportunities, according to a news release.

A total of 40 million shares may be issued under the resolution approved at the meeting, and the board may decide to issue new shares and/or the company’s own shares held in treasury.

If the total number Talvivaara shares issued decreases as a result of a reverse share split, the maximum number of shares to be issued will also decrease accordingly.

The board is authorized to determine the subscription price for the new shares and the other terms and conditions of the share issue. The ability of the board to issue shares is valid until June 30, 2018.

According to the release, shareholder authorization for the board to raise funds to pay for the restructuring debts and other possible liabilities was one of the special conditions to the fulfillment of Talvivaara’s draft restructuring program.

Talvivaara is a nickel mining company based in Espoo, Finland.

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