June 8, 2017 / 8:41 AM / 2 months ago

BRIEF-Nordic Mines signs joint venture memorandum of understanding with Firesteel

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June 8 (Reuters) - NORDIC MINES AB (PUBL)

* SIGNS JOINT VENTURE MEMORANDUM OF UNDERSTANDING WITH FIRESTEEL

* JOINT VENTURE VEHICLE WILL BE NORDIC MINES MARKNAD AB ("NMM") WHICH AT PRESENT IS A WHOLLY OWNED SUBSIDIARY OF COMPANY

* NORDIC MINES WILL CONTRIBUTE PROPERTIES, MILL AND LICENSES FOR 49% OF JOINT VENTURE AND FTR WILL CONTRIBUTE CAD 18 MILLION OPERATING TEAM, OPERATING PLAN AND KNOW-HOW FOR 51% OF JOINT VENTURE.

* JOINT VENTURE WILL BE RUN BY AN OPERATING COMMITTEE COMPRISED OF FIVE DIRECTORS. THREE OF WHOM WILL BE APPOINTED BY FTR AND TWO OF WHOM WILL BE APPOINTED BY NORDIC MINES Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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