Nickel Mountain Group AB: Nickel Mountain Group Convenes Extraordinary General Meeting

Regulatory News:

Nickel Mountain Group AB (STO:NMG)

Nickel Mountain Group AB ("NMG” or the "Company”) today convenes an Extraordinary General Meeting for October 10, 2014 in Stockholm, upon request by the Company’s new major shareholder, Strata Marine & Offshore AS ("Strata”).

The agenda of the EGM is approval of a proposed fully-underwritten NOK 68 million rights issue ("Rights Issue”) and a corresponding change in the Company’s share capital limits, election of a new Board of Directors and a Board authorisation to issue new shares or other financial instruments with or without observing the shareholders’ preferential rights corresponding to a maximum dilution of 50 percent following completion of the proposed Rights Issue. This mandate replaces the mandate given to the Board of Directors at the AGM in June 2014.

The Rights Issue is fully-underwritten by Strata Marine & Offshore AS, the Company’s largest shareholder, and a group of institutional investors and family offices.

The net proceeds from the Right Issue will strengthen the Company's balance sheet and liquidity position and give the Company flexibility to operate. The net proceeds will be used for general corporate purposes, including financing the next step of the PFS. The Company will carefully evaluate the PFS funding, including considering the involvement of partners, if relevant.

Right issue:

The proposed Rights Issue will consist of up to approximately 68 million new shares, of where each share owned as of 17 October 2014, will give the right to subscribe for three new shares at a subscription price of NOK 1. Transferable subscription rights will be issued and listed on the Oslo Stock Exchange. Oversubscription and subscription without subscription rights is allowed. The subscription period is expected to commence on 22 October 2014 and end on 5 November 2014 at 16:30 CET. Trading in the subscription rights on the Oslo Stock Exchange may take place from and including 22 October 2014 and until 3 November 2014 at 16:30 CET. The dates above are indicative and may be subject to change.

A prospectus in regards to the Rights Issue will be published upon approval by the Swedish Financial Supervisory Authority.

Carnegie AS acts as financial advisor to NMG in connection with the proposed Rights Issue.

For and on behalf of the Board of Directors of Nickel Mountain Group AB:

Torbjörn Ranta

Managing Director

Cautionary Statement: Statements and assumptions made in this document with respect to Nickel Mountain Group AB’s ("NMG”) current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of NMG. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where NMG operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) NMG’s continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) metal prices, particularly as regards nickel. In the light of the many risks and uncertainties surrounding any mineral project at an early stage of its development, the actual results could differ materially from those presented and forecast in this document. NMG assumes no unconditional obligation to immediately update any such statements and/or forecasts.

The vision of Nickel Mountain Group AB is to be an explorer and miner recognized for our attractive assets and ability to effectively run projects from exploration to commercialization, leaving a lasting footprint within the regions we operate through investments, community engagement and transfer of expertise.

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