Northland Seeks $150M To Cover Liquidity Shortfall

Law360, New York (November 14, 2013, 1:35 PM EST) -- Scandinavian iron miner Northland Resources SA on Thursday called for additional funding of $150 million, confirming that the company was still dangerously close to its financial limit after a March default and a temporary cessation of its mining activities in May.

The company has struggled with liquidity all year, buffeted by low iron prices and cost overruns at its pending iron mine at Kaunisvaara, Sweden. In March, Northland was delisted from the Toronto stock exchange and declared a default in Ontario, forcing a board reshuffle and...
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