Nordic Mines has reached an agreement in principle with the Company's lenders regarding the repurchase of outstanding debt

The English text is an unofficial translation of the Swedish original, and in the event of any discrepancies between the Swedish text and the English translation the Swedish text shall take precedence. This is not a legal document.

PRESS RELEASE 21 September 2015

Nordic Mines AB (publ) ("Nordic Mines" or "the Company") has reached an agreement in principle with the Company's lenders that Nordic Mines will buy all of the lenders' claims on Group companies in accordance with the existing project financing agreement. Nordic Mines intends to finance the purchase through one or more new share issues. Under the agreement in principle:

• The Company buys all of the lenders' claims on Group companies in accordance with the existing project financing agreement at a consideration of around EUR 5 million, which corresponds to a new write-down of around EUR 10 million. The original debt was EUR 45 million.
• The agreement also includes outstanding warrants held by the lenders corresponding to an ownership of 12%.
• Nordic Mines regains through this purchase full control over the assets that are pledged in accordance with the project financing agreement.

The purchase will be financed through new share issues that will inject around SEK 110 million into the Company at full subscription, but as a minimum around SEK 80 million. The plan is to use the funds raised by the share issues for:

• The equivalent of EUR 5 million for the purchase of all of the lenders' claims on Group companies.
• Around EUR 3 million to finance the Company for the next 12 months while waiting for more beneficial external factors in the form of primarily the Gold price and currency rates.
• Excess funds raised from the share issues will provide the Company with enhanced financial longevity and the ability to carry out value-enhancing activities, primarily at the Laiva mine.

The agreement in principle with the Company's lenders is conditional on the final agreement documentation, that formal internal decisions regarding the approval of the agreement are made by each bank and that the Company raises funds for the consideration through upcoming share issues. Given these developments, the Board of Directors of Nordic Mines has decided to summon an extraordinary general meeting to decide on conditional share issues in the form of a rights issue and/or a directed new share issue for the general meeting's approval (for more information, please refer to point 7 in today's notice to the Annual General Meeting). The Company will provide information about conditions, volume and transactional structure prior to the extraordinary general meeting of Nordic Mines on 21 October 2015.

Nordic Mines has engaged Evli Bank and PWC Corporate Finance Debt & Capital Advisory as financial advisors.

For further information, please contact:
Eva Kaijser, CEO,+46 (0)70 932 09 01
Jonatan Forsberg, CFO, +46 (0)76-105 13 10

For more information about Nordic Mines, please visit www.nordicmines.se.

The information presented above has been disclosed pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was published on 21 September 2015 at 8:00 a.m.

Nordic Mines is a Nordic mining and exploration company. The Laia mine in Finland produced gold between 2011 and 2014. The deposit is among the largest in the Nordic region. Nordic Mines is a member of SveMin and applies its reporting regulations for public mining and exploration companies. The Nordic Mines share has been admitted for trading on Nasdaq Stockholm's Small Cap list. Also refer to www.nordicmines.se.