US-based LionsBridge Capital and Westech International are providing Nordic with "corporate management services", subject to minority shareholder approval, in a bid to move Laiva in Finland off care and maintenance and back into production. The mine restarted gold production last November after a stop-start history but ran into operational problems and the company into "liquidity and cash flow" troubles early this year.
Its share price is currently about one-quarter of what it was last August, and its market value has shrunk to about C$9 million.
Outgoing CEO Michael Hepworth said Nordic's focus in the past four months had been on finding "suitable funding to both upgrade the resource and to restart production at the mine in Finland".
"Lionsbridge presents us with an opportunity to both inject the necessary funding and to bring fresh perspectives on managing the project. The group has access to capital and the experience to successfully manage the Laiva project going forward."
Brian Wesson and other incoming directors Clyde Wesson and Yvette Harrison, as well as new CFO Daryl Midgley and corporate secretary Jeffrey Lightfoot will replace the exiting Hepworth, Basil Botha, Paul Sargeant, Peter Pollard Greg Duras.
Brian Wesson, who founded the Wesson group of companies that includes Lionsbridge and Westech, said: "We look forward to working with the company to unlock shareholder value by returning the company to sustainable production. [The] new directors will update shareholders on the path forward immediately after the completion of the transition period."
