Fourth quarter 2018 financial results

28.02.19 | Press releases

Oslo, Norway 28 February 2019 – Element ASA (Element, OSE:ELE) today announces the financial results for the fourth quarter of 2018. 

The key headlines for the fourth quarter included:  • Commenced work with sampling of 500 tons of nickel ore from the Mindoro deposit

• The second tranche of NOK 50 million under the Convertible Bond facility was settled in early October 2018

• Geir Johansen commenced as Interim CFO

• The operating loss ended at USD -1.2 million in the fourth quarter of 2018 (Q4 2017: USD 1.0 million). At year-end 2018, cash and cash equivalents amounted to USD 1.9 million (USD 2.6 million) and Element has no interest bearing debt  • Lars Beitnes decided to step down as Chairman of the Board of Directors, while Thomas Christensen was nominated as the new Chairman of the Board of Directors. Christensen was elected Chairman after the closing of the quarter. At the same extraordinary general meeting, Plus Revisjon AS was elected as new auditors for the company

• On the 22 February 2019 Element and Alpha Blue Ocean Inc. (ABO) agreed to amend the third tranche of the Convertible Note Facility splitting tranche 3 into several sub-tranches. The first sub-tranche will be in the amount of NOK 20 million, the subsequent tranches will be in the amount of NOK 5-15 million

"The new board of directors is working closely with the management to review and update the company strategy and Element looks forward to present the company's projects and outlook during a Capital Markets Day during the second quarter of 2019, " says Cecilie Grue, CEO of Element ASA.

The Board of Directors report is enclosed. 
Q4 Report Element Asa

For further information, please contact:  

Cecilie Grue
Chief Executive Officer

Thomas Christensen

Element is an innovative project investment company within the mineral sector, which continuously strives to create shareholder value at the lowest possible risk. The company has as strategy to identify undervalued projects, closing in on cash flow, where infrastructure and other basic work, if necessary, have in large, been completed. The company's special focus is linked to projects within new, and usually ground-breaking technology, within its niches.