Announcement • Jun 05
Nordic Resources Limited (ASX:NNL) completed the acquisition of Fennia Gold Oy and Lakeuden Malmi Oy from Northgold AB (publ) (OM:NG). Nordic Resources Limited (ASX:NNL) entered into a binding agreement to acquire Fennia Gold Oy and Lakeuden Malmi Oy from Northgold AB (publ) (OM:NG) for SEK 51.2 million on April 10, 2025. The transaction including their associated assets: the Kopsa Project, Hirsikangas Project and Kiimala Trend Project. The consideration in the Transaction comprises a combination of 70,000,000 newly issued shares in Nordic Resources and SEK 2 million in cash, to be paid upon completion, which is expected to occur around the end of May 2025. The Transaction is subject to approval by general meetings in both Northgold and Nordic Resources. It is also subject to customary closing conditions, as well as a capital raising by the Buyer. Shareholders representing approximately 61.8% of the votes in Northgold have undertaken to vote in favor of the Transaction. The Board of Directors of Northgold has appointed a transaction committee consisting of independent board members to represent Northgold in all matters related to the Transaction. The independent board members of Northgold have recommended that shareholders of Northgold vote in favour of the proposed Transaction. As of April 14, 2025, Nordic Resources has completed a AUD 2.85 million (SEK 17.42 million) capital raising, in conjunction with the acquisition of three Finnish gold projects. The funds will be used to complete the acquisition of the Kopsa project from Northgold AB, along with the two other gold projects that form the wider transaction; commence the 2025 drill program at Kopsa; and initiate a scoping analysis to assess near term production options for Kopsa. As on May 22, 2025, The transaction is expected to occur on or around June 4, 2025.
Foyen Advokatfirma Ab acted as legal advisor for Northgold AB and Nordic Resources Limited. Ville Salonen and Lilli Parbo of Asianajotoimisto Magnusson Oy acted as legal advisor for Northgold AB. Steinepreis Paganin acted as legal advisor for Nordic Resources Limited. Sedermera Corporate Finance AB acted as financial advisor and project manager for Nordic Resources Limited. PwC acted as tax advisor for Northgold AB. Shark Communication acted as Fairness Opinion for the Transaction Committee.
Nordic Resources Limited (ASX:NNL) completed the acquisition of Fennia Gold Oy and Lakeuden Malmi Oy from Northgold AB (publ) (OM:NG) on June 4, 2025. 
