NUNAMINERALS A/S To the creditors of
NunaMinerals A/S in suspension of payments and the Court of Greenland
Court case no.: RIG-NUU-IS-0312-2015
Company name: NunaMinerals A/S Central Business Register (CVR) no.: A/S247544
Registered address: Issortarfimmut 1, PO Box 790, 3905 Nuussuaq, Greenland
Date of suspension of payments: 15 May 2015
01 DECEMBER 2015
DOC. NO. 987654-2
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 Søren Aamann Jensen, Kromann Reumert, Sundkrogsgade 5, 2100 Copenhagen Ø., 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 research in Greenland.
The company's assets are listed on Nasdaq OMX Nordic; trading in the company's shares was suspended 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').
At a meeting at the Court of Greenland on 5 June 2015, the Court decided to continue the suspension of payments period until 17 July 2015. At the request of Management, and with the acceptance of the supervisor, the suspension of payments period was extended initially until 30 September 2015, subsequently until 30 November 2015 and finally until 21 Decem- ber 2015. No meeting in court has been scheduled in this respect.
A general meeting was held in NunaMinerals A/S in suspension of payments on November 25, 2015 at which the company's annual report for 2014 was presented and approved. As part of a concluded restructuring agreement, a number of changes in the company's capital were also adopted, including conversion of debt and transfer of shares. The restructuring agreement is subject to the condition that the suspension of payments is followed by open- ing of negotiations for a compulsory composition and negotiations for a moratorium.
Reference is made to the company's website www.nunaminerals.com for a more detailed account of the changes adopted and the content of the planned moratorium.
The extension of the suspension of payments is granted to prepare the request for opening of negotiations for a composition and the terms and conditions regarding same.
The supervisor has accepted the Management's request, attaching importance to the Board of Directors' assessment that there is a realistic chance of achieving a restructuring agree- ment, including opening of negotiations for a composition within a relatively short period of time.
The consortium has revised the time schedule for the restructuring several times and most recently stated that the request for opening of negotiations for a composition is expected submitted to the court within 1 - 2 weeks and therefore the suspension of payments is ex- tended until December 21 2015. No meeting has been summoned in this connection.
This letter has been sent to all known creditors and to the Court of Greenland.
Creditors that have not yet filed their claims against the estate are kindly requested to calcu- late their claims as at 15 May 2015 and file their claims with us, accompanied by proper documentation.
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 claim (or your civil registration number if the claim is a personal claim).
Claims should be filed with:
Attorney Søren Aamann Jensen Attn.: Attorney Kamilla Krebs Kromann Reumert Sundkrogsgade 5
DK-2100 Copenhagen Ø
Email: kkr@kromannreumert.com
Niels Hansen Damm
This letter has been sent to all known creditors and to the Court of Greenland.
Søren Aamann Jensen
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