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Oslo Stock Exchange

Northland Resources Fails to Raise Money, Shares Hit

Oslo-listed mining company Northland Resources S.A. (NRSRF) said Tuesday that its plan to raise money to finance the development of a new mine had failed, and that it had cancelled equity and debt offerings totaling $375 million, which caused its share price to fall heavily.The company said it had cancelled a $250 million equity issue and a $125 million tap issue on an existing bond, because it was "not in a position to conclude the offerings."At 1152GMT, the company's shares traded 25.5% lower at NOK0.70 at the Oslo stock exchange, down 89% from the beginning of 2013, and valuing the company at NOK456 million ($83.3 million).On January 24, Northland said it needed more capital to complete the construction and production ramp-up at its new iron ore mine in Kaunisvaara in northern Sweden. Operating costs and capital expenditures were higher than expected, the iron ore price was lower than expected and the Swedish krona had strengthened against the dollar, somewhat offset by higher expec...

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