NUNAMINERALS A/S ADV OKATFIRMAET MALLING &HANSEN DAMM
l R E U M E RTTo the creditors of
NunaMinerals A/S in suspension of payments and the Court of Greenland
LETTER N0. 10 TO THE CREDITORS
NOTIFICATION OF EXTENSION OF THE SUSPENSION OF PAYMENTS PERIOD
15 APR IL2016
DOC.NO. 44878690
NUNAMINERALS A/S IN SUSPENSION OF PAYMENTS
Court case no.:Company name:
Central Business Register (CVR) no.: Registered address:
RIG-NUU-IS-0312-2015
NunaMinerals A/S A/S247544
lssortarfimmut 1,PO Box 790, 3905 Nuussuaq
Date of suspension of payments:15 May 2015
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ADV OKATFIRMAET
MAL LING &HANSEN DAMM
R E U M E RT
On 15 May 2015, NunaMinerals A/S (the "company") filed an application to the Court of Greenland for suspension of payments.
The court appointed attorney S0ren Aamann Jensen, Kromann Reumert,Sundkrogsgade 5, DK-2100 Copenhagen 0.,and attorney Niels Hansen Damm, Law Firm of Malling & Hansen Damm, Hans Egedesvej 3, PO Box 1046, 3900 Nuuk, as supervisors under section 11 of
the Danish Bankruptcy Act.
The company has been granted a concession by the Greenland Self-Government to carry on mineral deposit exploration in Greenland.
The company's shares are listed on Nasdaq OMX Nordic and trading in the shares was sus pended in connection with the application for suspension of payments.
The suspension of payments is subject to Order 1997-12-16 no. 983 on the entry into force of the Danish Bankruptcy Act in Greenland (the "1997 Bankruptcy Act") .
CONTINUATION AND EXTENSION OF THE SUSPENSION OF PAYMENTS PERIODAt a meeting held in the Court of Greenland on 5 June 2015, the Court decided to continue the suspension of payments proceedings. The suspension of payments period has now been extended several times; most recently the Court of Greenland granted an additional extension until 22 April 2016 at the request of the company's management and with the su pervisors' acceptance. No court meeting has been scheduled in this respect and the reason for this extension is explained below.
THE RESTRUCTURING AGREEMENT AND FINANCINGOn 25 November 2015, a general meeting was held in NunaMinerals A/S in suspension of payments at which the company's annual report for 2014 was presented and adopted. As part of a restructuring agreement which was made at the same time, a number of changes in the company's capital were also adopted, including a debt conversion and a transfer of shares.
As the provision of the funding necessary for the purpose of the restructuring has been delayed, the restructuring agreement has not yet been performed.
In March 2016 the investors announced the funding was in place, but it now turns out that only approximately 2/3 of the necessary amount has been provided.It has therefore not been possible to comply with the plan the plan which was announced by the investors in March 2016
On 13th of April, the supervisors received the amount of DKK 200,000 which was a condition for the latest extension.
EXTENSION OF THE SUSPENSION OF PAYMENTS PERIODThe supervisors have received a copy of the letter of 13 April 2016 in which the company requested the court to grant an additional 4-weeks' extension of the suspension of payments
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ADV OKATFIR MAET MALLING &HANSEN DAMM
R E U M E RT
period. According to applicable law the suspension of payments will - if not before - expire by 15 May 2016.
In its request to the court, the management also stated:
that sufficient funds have been paid to LSGA Solicitors to meet the restructuring agree ment, and
that an additional amount of DKK 250,000 has been transferred as security for the super visors' additional costs.
THE SUPERVISORS' ACCEPTANCE AND COMMENTS
The supervisors have the following comments on the management's request for an exten sion of time:
On April 13, 2016 LSGA Solicitors has informed the trustees that an amount of GBP 588,000 remains with LSGA Solicitors, that a cash amount of GBP 160,000 remains with the investors and that an amount of GBP 75,000 remains with the investors' pre vious attorney which the investors believe should be paid out to them.Consequently ,an amount of approx. According to this calculation GBP 200,000 remains to be pro vided in order for the restructuring agreement to be fulfilled.
LSGA Solicitors confirmed on 13 April that an additional amount of DKK 250,000 would be provided to the trustees, on the condition that a further extension of the deadline has been granted by the court. The amount has thus yet to be transferred.
Please note that Attorney Ulrik Holsted-Sandgreen no longer represents the investors who are instead currently represented by LSGA Solicitors in London.As far as the supervisors have been informed LSGA Solicitors are currently working on establishing another Danish legal representation for the investors.
The supervisors have numerous times urged the investors to document the disposal over or access to the remaining funding and the supervisors evidently find it unsatisfactory that such documentation has not been provided.
Irrespective of the supervisors' comments above the supervisors have given their consent to a further postponement. The supervisors attach importance to the fact that the investors have incurred considerable costs on the restructuring efforts so far and that a major part of the funds necessary to carry out the restructuring have now been provided.The creditors' possibility of payment of claims filed is not considered to be significantly reduced as a result of a further postponement.
The supervisors' consent is explicitly subject to the transfer of DKK 250,000 into the supervi sors' client account no later than 8 days from April 14th as additional security for the super visors' further costs.Consequently, the Court of Greenland has only agreed to postpone the case until 22 April 2016 and upon the Court's receipt of confirmation from the supervisors of
lA DV OKA TFIR MA ET
MA L L ING &HANSEN DA MM
R E U M E RTreceipt of additional DKK 250,000 the Court will decide whether to grant a further extension of the suspension of payments period.
FILING OF CLAIMSCreditors that have not already filed their claims are kindly requested to calculate the amount of their claims as at 15 May 2015 and file them with us, accompanied by proper proof.
If the claim is secured in whole or in part by way of a charge or other security, maybe pro vided by a third party, this should also be stated and documented. Please specify your com pany's CVR number on the proof of claim (or your civil registration number if the claim is a personal claim).
Claims should be filed with:
Attorney S0ren Aamann Jensen Attn.: Attorney Kamilla Krebs Kromann Reumert Sundkrogsgade 5
DK-2100 Copenhagen 0.
E-mail:kkr@kromannreumert.com
This letter has been sent to all known creditors and to the Court of Greenland.
Kromann ReumertS0ren Aamann Jensen
NunaMinerals A/S issued this content on 15 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 April 2016 07:32:22 UTC
Original Document: http://nunaminerals.com/fileadmin/user_upload/pdf/Announcements/2016/Announcement_2016_13_Letter_No_10_to_Creditors_15_April_2016_Attachment.pdf
