17/09-2013 14:41:41: (NAUR) Northland Learns of Potential Legal Claim in Canada
Luxembourg, September 17, 2013 - Northland Resources S.A. (OSE: NAUR,
Frankfurt: NPK, Nasdaq OMX/First North: NAURo) ("Northland" or the
"Company") has learned that a statement of claim seeking certification
as a class proceeding has been issued by the Ontario Superior Court of
Justice.
The claim which names the Company and certain officers, former officers
and former directors of the Company as defendants and seeks to certify a
class of all persons who acquired securities between April 1, 2012 and
January 23, 2013 and who held securities as of January 23, 2013. The
plaintiff alleges that the defendants failed to make timely disclosure
of cost escalations and overruns relating to the Company's Kaunisvaara
Project. The plaintiff is seeking leave of the Ontario Superior Court of
Justice to proceed with statutory misrepresentation claims for secondary
market liability and also asserts common law claims for negligence,
negligent misrepresentation and civil conspiracy. The claimed damages
are not specified apart from a claim made for punitive damages in the
amount of CAD 10 million. The statement of claim has not yet been served
on the Company or any of the other parties. If and when the statement of
claim is served on the Company, the Company intends to vigorously defend
the claim.
"Peter Pernlöf"
Acting CEO, Northland Resources S.A.
For more information, please contact:
Jonas Lundström, SVP Corporate Communication: +46 705 493 338
Petter Brunnberg, Investor Relations: +46 727 24 41 09
Or visit our website:
www.northland.euNorthland is a producer of iron ore concentrate, with a portfolio of
production, development and exploration mines and projects in northern
Sweden and Finland. The first construction phase of the Kaunisvaara
project is complete and production ramp-up started in November 2012. The
Company expects to produce high-grade, high-quality magnetite iron
concentrate in Kaunisvaara, Sweden, where the Company expects to exploit
two magnetite iron ore deposits, Tapuli and Sahavaara. Northland has
entered into off-take contracts with three partners for the entire
production from the Kaunisvaara project over the next seven to ten
years. The Company is also preparing a Definitive Feasibility Study
("DFS") for its Hannukainen Iron Oxide Copper Gold ("IOCG") project in
Kolari, northern Finland and for the Pellivuoma deposit, which is
located 15 km from the Kaunisvaara processing plant.
Forward-Looking Information
This announcement may include "forward-looking" information within the
meaning of applicable securities laws. This forward-looking information
can be identified by the use of forward-looking terminology, including
the terms "believes", "estimates", "anticipates", "expects", "intends",
"may", "will" or "should" or, in each case, their negative, or other
variations or comparable terminology. This forward-looking information
includes all matters that are expectations concerning, among other
things, Northland's results of operations, financial condition,
liquidity, prospects, growth, strategies and the industry in which it
operates. By their nature, forward-looking information involves risks
and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. Readers are
cautioned that forward-looking information is not a guarantee of future
performance and that Northland's actual results of operations, financial
condition and liquidity, and the development of the industry in which it
operates may differ materially from those made in or suggested by the
forward-looking information contained in this press release. In
addition, even if Northland's results of operations, financial condition
and liquidity, and the development of the industry in which Northland
operates are consistent with the forward-looking information contained
in this press release, those results or developments may not be
indicative of results or developments in subsequent periods.
Ekstern link:
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