Talvivaara Mining Co Negotiations On Ahtium's Business Projects And Financing Discontinued - The Company Applies For Bankruptcy

 
TIDMAHT 
 
   Stock Exchange Release 
 
   Ahtium Plc 
 
   6 March 2018 
 
   Negotiations on Ahtium's business projects and financing discontinued 
 
   The Company applies for bankruptcy 
 
   The Board of Directors of Ahtium Plc ("Company") has decided to file the 
Company into bankruptcy. The Company has, particularly since the 
completion of its corporate reorganization proceedings on 2 June 2017, 
actively developed its business projects in the field of circular 
economy and energy-saving technology as well as sought new businesses, 
which when combined with the Company's existing business projects and 
core knowledge would have created a basis for acquiring new financing. 
Despite the good progress made, the Company did not have enough time to 
turn the projects into positive cash flow or to reach an agreement on 
the acquisition of new businesses, sometimes due to reasons outside the 
control of the negotiating parties. 
 
 
 
   The Chairman of the Board Tapani Järvinen: "During the last four 
years, the Company has been able to complete the corporate 
reorganization proceedings and clean up its balance sheet, but 
unfortunately developing the Company's own business projects, acquiring 
new businesses and securing financing for these actions proved an 
overwhelming task with the available time and resources. 
 
   The Board of Directors and the management of the Company have done, with 
fairly limited resources, their utmost to diligently carry out the 
numerous legal actions required under the corporate reorganization 
proceedings and simultaneously to identify and develop new business 
opportunities. No stone has been left unturned. The Board of Directors 
and the entire staff of the Company have taken part in substantial cost 
saving measures in order to continue developing the Company's 
operations. The interest of the Company and its stakeholders has all the 
time remained the most important driver of the Company's Board of 
Directors and its management." 
 
   Enquiries 
 
   Ahtium Plc Tel [phone] 
 
   Tapani Järvinen, Chairman of the Board of Directors 
 
   Ahtium applies for bankruptcy: 
http://hugin.info/136227/R/2173800/838187.pdf 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Ahtium Oyj via Globenewswire 
 
 
  http://www.talvivaara.com 
 

(END) Dow Jones Newswires

March 06, 2018 01:28 ET (06:28 GMT)

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