Press release Stockholm 16 November 2020
The shareholders of Nickel Mountain Resources AB (publ), company registration no 556493-3199 (the "Company"), are hereby invited to participate in the Extraordinary General Meeting ("EGM") to be held December 17, 2020 at 11 am at Brahegatan 29, 114 37 Stockholm, Sweden.
As previously announced, Nickel Mountain Resources AB (publ) ("the Company" or "Nickel Mountain") intends to focus its operations on base metals that are critical input materials to the new, electrified and circular economy, such as copper, zinc and nickel. As part of the process to re-position the Company, Bluelake Mineral AB (publ) is suggested as a new company name. The goal is as previously communicated therefore to divest, enter into a partnership or otherwise find a long-term solution for the Company's Russian oil project containing exploration and production license 71-1 in the Tomsk region of Russia (the "Tomsk Project") with a new principal for the project and long-term financing without additional capital from the Company. In light of the Company's plans to divest or enter into a partnership regarding the Tomsk Project, the Company now values the Russian oil project according to a principle of net sales value (instead of as previously based on a utilization value of assets). A revaluation according to this principle has given rise to an additional need for impairment of SEK 100 million. The write-down has no effect on the Company's cash position. In parallel with the plans to divest or enter into a partnership regarding the Tomsk Project, the Company is today initiating a process to separate the ownership of the Tomsk Project from the Company through a dividend in kind of the Russian assets to the shareholders in the Company, regardless of whether, when and how a possible deal with a new principal for the Tomsk Project has taken place.