Bluelake Mineral AB (publ) ("Bluelake Mineral" or the "Company") has today entered into a non-binding letter of intent with Mahvie Minerals AB ("Mahvie Minerals") and the majority shareholders in Mahvie Minerals regarding the sale of all shares in the Company's subsidiary Palmex Mining Oy to Mahvie Minerals (the "Sale"). Bluelake Mineral will in the Sale receive a consideration of SEK 14,800,000 in the form of a promissory note, which shall be used to subscribe for new shares in Mahvie Minerals by way of set-off (the "Set-off Issue"). Furthermore, Bluelake Mineral shall invest additional SEK 4,000,000 in cash in Mahvie Minerals in a directed issue of shares (the "Cash Issue", and together with the Sale and the Set-off Issue, the "Transactions"). Following completion of the Transactions, Bluelake Mineral will own 50.1% of the shares in Mahvie Minerals, and the intention is to distribute the shares in Mahvie Minerals to the shareholders in Bluelake Mineral through a so-called Lex Asea dividend, in connection with which the shares in Mahvie Minerals are also intended to be listed on a multilateral trading facility (the "Listing").
Bluelake Mineral AB (publ) (the "Company" or "Bluelake Mineral") has, via its subsidiary Vilhelmina Mineral AB, been granted a Natura 2000 permit for mining operations on 2 June 2022. The County Administrative Board of Västerbotten has granted Vilhelmina Mineral AB a permit in accordance with Chapter 7 Section 28a of the Environmental Code for mining activities in connection with and within the Natura 2000 area Vardo, Laster and Fjällfjällen (SE0810394) in Vilhelmina municipality. According to the County Administrative Board the environmental impact assessment meets the requirements in chapter 6 of the Environmental Code. This permit is valid for 30 (thirty) years from the date of the decision and further advances the permitting process for the Company's Stekenjokk-Levi copper-zinc project.
The shareholders of Bluelake Mineral AB (publ) ("Bluelake" or the "Company") have held an Annual General Meeting on May 12, 2022 (the "AGM") whereby the following main decisions were made.
Bluelake Mineral AB (publ) (the "Company" or "Bluelake Mineral") is pleased to announce the results of a Preliminary Economic Assessment ("PEA") for its 100% owned copper and zinc project which comprises the Stekenjokk-Levi deposit, located in Sweden, and the Joma deposit, located in Norway (the "Project"). The PEA considers a target 750 kilo tons per annum ("ktpa") mining operation over a mine life of 17 years. The Company believes the Project has the potential to supply copper and zinc to the growing renewable energy economy of northern Europe.
The Board of Directors of Bluelake Mineral AB (publ) ("Bluelake Mineral" or "the Company") has today, with the support of an authorization from the Annual General Meeting held May 26, 2021, decided on a new share issue directed to a group of private investors (the "Investors") of a maximum of 1,396,647 shares at a subscription price of SEK 3.58 per share and at a total value of approximately MSEK 5 (the "Share Issue").
The shareholders of Bluelake Mineral AB (publ), company registration no 556493-3199 (the "Company"), are hereby invited to participate in the Annual General Meeting ("AGM") to be held May 12, 2022 at 10 am at Brahegatan 29, 114 37 Stockholm, Sweden.
Bluelake Mineral AB (publ) ("Bluelake Mineral" or the "Company") has, as previously announced in the spring of 2021, initiated a review of strategic alternatives for its subsidiary Nickel Mountain AB ("Nickel Mountain"), which owns the Swedish nickel and the cobalt project in Storuman municipality, Västerbotten county (the "Rönnbäcken Project" or "Rönnbäcken") to maximize its future potential. Rönnbäcken is one of the largest, unexploited nickel deposits in Europe with the potential to be a strategic resource for both the European battery and steel industry. In a first step, as announced on 23 February 2022, a preliminary economic assessment ("Preliminary Economic Assessment" or "PEA") was carried out by the consulting company SRK Consulting ("SRK") which shows significant financial and strategic values in the Rönnbäcken Project and which supports further financing of the application for an environmental permit. As a basis for the application for a permit, a preliminary study ("Preliminary Feasibility Study" or "PFS") and an environmental impact assessment ("EIA") has to be carried out. According to a preliminary estimate, funding of approximately SEK 100 million is required for these studies. The Company believes that this financing can arranged directly in the subsidiary Nickel Mountain without issuing of new shares in Bluelake Mineral.
Bluelake Mineral AB (publ) (the "Company" or "Bluelake Mineral") is pleased to announce the results of a Preliminary Economic Assessment ("PEA") for its 100%-owned Rönnbäcken Project ("Rönnbäcken" or the "Project") in northern Sweden. The PEA incorporates an updated Mineral Resource statement and an economic assessment for a 30 Mtpa mining operation over a mine life of 20 years producing nickel, cobalt and iron.