Botnia Exploration AB announced that it expects to receive SEK 13.03 million in funding from Norr AB, Ramab Iggesund AB, and other investors.

Botnia Exploration AB (OM:BOTX) announced a private placement of common shares and preference shares for total gross proceeds of SEK 13,031,500 on March 12, 2014. The company will issue 11,330,000 shares at SEK 0.55 per share for proceeds of SEK 6,231,500 and 12,363,636 preference shares at SEK 0.55 per share for proceeds of SEK 6,800,000. As part of the transaction, existing investors, Norr AB and Ramab Iggesund AB will subscribe for SEK 3,000,000.

The subscription period for the shares will be from June 17, 2014 to July 2014.