Swedish company Nordic Mines (STO: NOMI) yesterday announced the discovery of a record amount of gold in November.
The company saw a healthy jump in its stocks—up by 48 percent—after the announcement. Funds from an upcoming share sale will be reinvested in future production, according to the new CEO, Thomas Cederborg.
The company’s Laiva Finland mine produced 264 pounds of gold in November. The company began mining just last year, with full production getting underway this February.
On December 20, Nordic will hold a special shareholders meeting to try and raise 282 million kronor ($42.5 million) before costs, funds from which will go toward further development.
“It’s the highest amount since we started,” [CEO Thomas] Cederborg, who took the helm at company last month, said about the gold find in a telephone interview. “We’ve had a difficult start, it took longer than we thought to ramp up production.”
Nordic shares have fallen more than 95 percent this year. The company’s market valuation has reached around $46.2 million.