Press Releases

Bluelake Mineral publishes memorandum in connection with the rights issue of SEK 26.5 million

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN, SWITZERLAND, SINGAPORE, SOUTH AFRICA, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION OF THIS PRESS RELEASE WOULD BE UNLAWFUL, BE SUBJECT TO LEGAL RESTRICTIONS OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES.

The Board of Directors of Bluelake Mineral AB (publ) ("Bluelake Mineral" or the "Company") decided on 9 March 2023, with support of the authorisation from the annual general meeting on 12 May 2022, to carry out a rights issue of units of approximately SEK 26.5 million (the "Rights issue"). Due to the Rights issue, the Board of Directors in Bluelake Mineral has prepared an information memorandum which has been published today on 15 March 2023.

In connection with the Rights issue, the Board of Directors in Bluelake Mineral has prepared an information memorandum which has been published today by the Company. The memorandum is available for download on the Company's website, www.bluelakemineral.com/en/investors/, Augment Partners AB's offer site, www.augment.se/offerings/, and Aqurat Fondkommission AB's website, www.aqurat.se/aktuella-erbjudanden/. Subscription forms will be available on the websites mentioned above before the subscription period starts on 21 March 2023.

Indicative timetable for the Rights issue

15 March 2023

Last day of trading including unit rights

16 March 2023

First day of trading excluding unit rights

17 March 2023

Record date for the Rights issue

21 March - 30 March 2023

Trading in unit rights on NGM Nordic SME

21 March - 4 April 2023

Subscription period

21 March 2023 - registration at the Swedish Companies Registration Office

Trading in interim units (BTU)

6 April 2023

Expected date for the announcement of the outcome of the Rights issue

 

Advisers

Augment Partners AB is acting as the financial advisor and Advokatfirman Schjødt is acting as the legal advisor in the transaction.

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Stockholm, March 2023

Bluelake Mineral AB (publ)

The Board of Directors

Additional information

For additional information, please contact:

Peter Hjorth, CEO, Bluelake Mineral AB (publ), phone +46-725 38 25 25

Email: [email protected]

General information about the Company

Bluelake Mineral AB (public) is an independent Swedish company active in exploration and mine development of copper, zinc, nickel and gold resources.

The Company owns approximately 99% of the subsidiary Vilhelmina Mineral AB, which is focusing on development of copper and zinc deposits in the Nordic region. In Sweden, the Company owns Stekenjokk-Levi project, where a total of approximately 7 million tonnes of ore were mined between 1976 and 1988 with an average grade 1.5% Cu and 3.5% Zn. Stekenjokk-Levi is, according to a recent Mineral Resource Estimate by SRK Consulting, containing inferred mineral resources of approximately 6.7 million tonnes with 0.9 % Cu, 2.7 % Zn, 0.6 % Pb, 55 Ag g/t and 0.2 g/t Au for Stekenjokk and inferred mineral resources of 5.1 million tonnes with 1.0 % Cu, 1.5 % Zn, 0.1 % Pb, 22 Ag g/t and 0.2 g/t Au for Levi (at a NSR cut-off of 60 USD/t). In Norway, the Company is owner of Joma Gruver AS which holds exploitation rights for the Joma field, where approximately 11.5 million tonnes of ore were processed between 1972 and 1998 with an average grade of 1.5% Cu and 1.5% Zn. The Joma field (excluding Gjersvik) is, according to a recent mineral estimate by SRK Consulting, containing indicated mineral resources of approximately 6 million tonnes with grades amounting to 1.00 % Cu and 1.66 % Zn and inferred resources of 1.2 million tonnes with grades 1.2 % Cu and 0.7 % Zn (at cut-off of 50 USD/t).

In addition, the Company holds exploitation concessions for the nickel project Rönnbäcken (which is Europe's largest known undeveloped nickel resource) and an exploration permit for Orrbäcken, both which are located in Sweden. According to a recently updated mineral resource update in by the mining consulting company SRK, the Rönnbäcken project contains a mineral resource of 600 million tonnes with an average grade of 0.18% Ni, 0.003% Co and 5.7% Fe ("measured and indicated"). The updated preliminary economic assessment that SRK completed predicts a production of 23,000 tonnes of nickel, 660 tonnes of cobalt and 1.5 million tonnes of iron per year for 20 years, which would be a significant share of Sweden's total annual use of nickel which thereby has a strategic value. Orrbäcken is considered to have potential as a nickel deposit.

Further, the Company holds an exploration permit for Kattisavan which is considered to have potential as a gold resource and is located within the so-called gold line, close to projects such as Svartliden, Fäboliden and Barsele.

IMPORTANT INFORMATION

Publication or distribution of this press release may in some jurisdictions be subject to statutory and legal restrictions and persons in those jurisdictions where this press release has been published or distributed should inform themselves about and observe such restrictions. The information in this press release does not constitute an offer to acquire, subscribe or otherwise trade in shares or other securities in Bluelake Mineral.

This press release does not constitute an offer to acquire securities in the United States. The securities mentioned herein may not be sold in the United States without registration in accordance with The Securities Act of 1933 or without the application of an exception to such registration. The information in this press release may not be released, published, reproduced or distributed in or to the United States, Australia, Canada, New Zealand, Hong Kong, Japan, Switzerland, Singapore, South Africa, or any other country or jurisdiction where such action is not permitted or such action is subject to legal restrictions or would require further registration or other measures than required by Swedish law. Measures contrary to this instruction may constitute a breach of applicable securities laws.

In the EEA Member States, with the exception of Sweden, (each such EEA Member State, a "Relevant State"), this press release and the information contained herein are intended only for and directed to qualified investors as defined in the Prospectus Regulation. The Securities mentioned in this press release are not intended to be offered to the public in any Relevant State and are only available to qualified investors except in accordance with exceptions in the Prospectus Regulation. Persons in any Relevant State who are not qualified investors should not take any actions based on this press release, nor rely on it.

In the United Kingdom, this press release is directed only at, and communicated only to, persons who are qualified investors within the meaning of article 2(e) of the Prospectus Regulation (2017/1129) who are (i) persons who fall within the definition of "investment professional" in article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), or (ii) persons who fall within article 49(2)(a) to (d) of the Order, or (iii) persons who are existing members or creditors of Bluelake Mineral AB (publ) or other persons falling within Article 43 of the Order, or (iv) persons to whom it may otherwise be lawfully communicated (all such persons referred to in (i), (ii), (iii) and (iv) above together being referred to as "Relevant Persons"). This press release must not be acted on or relied on by persons in the UK who are not Relevant Persons.

This announcement does not constitute an investment recommendation. The price and value of securities and any income from them can go down as well as up and you could lose your entire investment. Past performance is not a guide to future performance. Information in this announcement cannot be relied upon as a guide to future performance.

Forward-looking statements

This announcement may contain certain forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this communication speak only as at its date and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm or release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement. The information, estimates, and forward-looking statements contained in this announcement are valid only as of the date of this announcement and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or publish any adjustments regarding any forward-looking statements to reflect events that occur or circumstances that arise regarding the content of this notice.

2023-03-29
Regulatory

The shareholders of Bluelake Mineral AB (publ) ("Bluelake" or the "Company") have held an Extraordinary General Meeting on March 29, 2023 (the "EGM") whereby the following main decisions were made.

2023-03-17

Bluelake Mineral AB (publ) (the "Company" or "Bluelake Mineral") notes that in Brussels on Thursday, March 16, the EU presented a proposal for legislation regarding critical raw materials called the European Critical Raw Materials Act ("CRMA"). The bill on critical raw materials is being put forward by the EU to support domestic capacity and strengthen sustainability work around value chains based on critical raw materials within the EU. The objective is to enable the green transition, securing digitization, and protecting the defense and space industry in Europe. According to the proposal, increased European access to metals and minerals is required to cope with climate change and strengthen the EU's degree of self-sufficiency. In the proposal, there are demands for significantly faster permit processes, something that has been a problem in Sweden. In CRMA, 34 so-called critical raw materials are identified and of these, 16 are deemed to be of particular strategic importance. Among those of strategic importance are copper occurring in Bluelake Minerals' projects Stekenjokk-Levi and Joma, as well as nickel and cobalt occurring in the Company's project Rönnbäcken. With regard to the strategic raw materials, the EU sets several targets, for example that at least 10% of the EU's annual consumption of strategic raw materials must be mined within the EU by 2030.

2023-03-10
Regulatory

The shareholders of Bluelake Mineral AB (publ), company registration no 556493-3199 (the "Company"), are hereby invited to participate in the Extraordinary General Meeting ("EGM") to be held on March 29, 2023 at 10 am at Brahegatan 29, 114 37 Stockholm, Sweden.

2023-02-17
Regulatory

Fourth Quarter 2022 (October - December 2022)

  • Revenue in fourth quarter amounts to MSEK 0.0 (0.0)
  • Exploration and evaluation costs for fourth quarter amounts to MSEK 0.0 (-2.8)
  • After-tax result for the fourth quarter amounts to MSEK -4.2 (-2.2)
  • Result per share for fourth quarter amounts to SEK -0.08 (-0.04)

Full Year 2022 (January - December 2022)

  • Revenue for full year amounts to MSEK 7.9 (0.0)
  • Exploration and evaluation costs for full year amounts to MSEK -3.5 (-5.0)
  • After-tax result for full year amounts to MSEK -6.2 (-14.4)
  • Result per share for full year amounts to SEK -0.11 (-0.07)
2023-02-16
Regulatory

Bluelake Mineral AB (publ) (the "Company" or "Bluelake Mineral") has, as previously announced via the subsidiary Vilhelmina Mineral AB, applied for exploitation concessions for the areas Stekenjokk K no. 1 and Levi K no. 1 in Vilhelmina and Strömsund municipalities. After the County Administrative Board in Västerbotten County granted a Natura 2000 permit for mining operations in the area, the Swedish Mining Inspectorate has resumed processing the applications for exploitation concessions. During this process, the Swedish Mining Inspectorate has drawn attention to the issue of mineral resource assessment, after which the Company now has expressed its opinion on the matter to the Swedish Mining Inspectorate.

2023-02-08

Bluelake Mineral AB (publ) (the "Company" or "Bluelake Mineral") is, as previously announced, via its Norwegian subsidiary Joma Gruver AS, working with the permit process in Norway to implement a so-called plan program and to obtain an approved zoning plan which is a detailed plan for the industrial area for the proposed mining operations in Joma in Røyrvik municipality in Trøndelag county. The process related to the zoning plan and re-start of the Joma mine involves social and political processes with many stakeholders both locally, regionally and nationally to establish legitimacy. In order to further strengthen the organization and the network of contacts, Joma Gruver has recruited Bjarne Håkon Hanssen as strategic advisor and head of communication. Hanssen is a former minister in two Norwegian governments under Jens Stoltenberg as Prime Minister and Hanssen was, among other things, Minister of Labor and Integration and was then responsible for coordinating the government's work on various Sami issues, including regular consultations with the Sami Parliament. Hanssen takes up his new role in Joma Gruver immediately.

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