First Nordic Metals Corp.
First Nordic Announces Private Placement of SDRs To Facilitate Listing on Sweden's Nasdaq First North Growth Market
On March 5, 2025, the Company received conditional approval for the listing of its SDRs on the Nasdaq First North; FNM is undertaking the current Private Placement to fulfil a requirement regarding a minimum number of SDR holders (300) for listing. If FNM receives final approval to list on the Nasdaq First North the first day for trading of the SDRs is expected to be March 21, 2025.
The Company has the possibility to increase the Private Placement by 776,398 SDRs, corresponding to additional gross proceeds of SEK 2.5 million, if the Private Placement is oversubscribed.
The Private Placement is directed to the public and institutional investors in Sweden and Finland. The Shares issued pursuant to the Private Placement that are underpinning the SDRs will be subject to a Canadian four-month and one day statutory hold period from the closing of the Private Placement. A subscriber in the Private Placement is not allowed to convert subscribed SDRs to Shares during the hold period in Canada.
The Private Placement closed on March 11, 2025 and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional approval of the TSX Venture Exchange ("TSXV"). The Private Placement is also subject to final acceptance of the TSXV.
First Nordic Metals Corp. has engaged DNB Markets, a part of DNB Bank ASA, Sweden Branch as Settlement agent with respect to the directed share issue through Swedish Depository Receipts (“SDRs”).
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