The Board of Directors of Nordic Mines resolves on final terms for rights issue in an amount of not less than SEK 80 million

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.

PRESS RELEASE, October 16, 2015

On September 21, 2015, the Board of Directors of Nordic Mines AB (publ) (the "Company" or "Nordic Mines") announced that it had, subject to the Extraordinary General Meeting's subsequent approval, resolved on a new issue of shares with pre-emption rights for the existing shareholders (the "Rights issue") and on a directed new share issue.

The Board of Directors has now resolved on the final terms for (i) the Rights issues (item 7 d) on the proposed agenda) and (ii) the thereto related amendment of the Articles of Association (item 7 c) on the proposed agenda), in accordance with the below. Further, the Board of Directors has at the same time, after evaluating the capital raise process, decided to withdraw the directed new share issue (item 7 e) on the proposed agenda).

The Extraordinary General Meeting will be held in Stockholm on October 21, 2015, at 9.30 a.m. (CET). The notice to the Extraordinary General Meeting is available on Nordic Mines' webpage, www.nordicmines.se.

Final terms, etc.
7 c) Amendment of the Articles of Association
The Board of Directors proposes that the Extraordinary General Meeting resolves to amend paragraphs 4 and 5 of the Company's Articles of Association regarding the limits for the share capital and the number of shares, respectively, to have the following wording.

Limits for the share capital (§ 4 of the Articles of Association)
The share capital shall not be less than SEK 2,000,000 and not be higher than SEK 8,000,000.

Limits for the number of shares (§ 5 in the Articles of Association)
The number of shares shall not be less than 200,000,000 shares and not more than 800,000,000 shares.

7 d) Rights issue
The Board of Directors has resolved on the following terms and conditions with respect to the Rights issue:

• The share capital shall be increased by a maximum of SEK 5,403,043.20.
• The number of shares shall be increased by a maximum of 540,304,320.
• For each share owned on the record day, 10 subscription rights shall be obtained and 1 subscription right entitles to 1 new share.
• For each new share, SEK 0.20 shall be paid.

The subscription price represents a discount of approximately 24 per cent compared to the theoretical share price after the separation of subscription rights (TERP), based on the closing price of the Nordic Mines share on October 15, 2015, on Nasdaq Stockholm. Compared to the volume weighted average price the last 30 trading days of the Nordic Mines share on Nasdaq Stockholm up to and including October 15, 2015, the subscription price represents a discount of approximately 79 per cent.

The Rights issue is conditional upon (i) that the Company and the group's lenders entering into, in the opinion of the Board of Directors, the necessary agreements with respect to the receivables on the group companies under the existing finance documents and that such agreements, in the opinion of the Board of Directors, are likely to be implemented as intended and (ii) that a sufficiently high acceptance level in the Rights issue, in the opinion of the Board of Directors, may be achieved.

The proceeds from the Rights issue will, in case of full subscription, amount to just over SEK 108 million prior to transaction costs related to the Rights issue. In order for the acceptance level to be considered sufficiently high, it is, at the time of announcement of this press release, the Board of Directors view that the proceeds of the Rights issues must amount to not less than SEK 80 million prior to current transaction costs related to the Rights issue, however that the Board of Directors may take into account other financing (including debt financing) which together with the proceeds from the Rights issue amounts to not less than SEK 80 million, prior to current transaction costs related to the Rights issue.

The record date with Euroclear Sweden AB for receiving subscription rights is October 22, 2015. The subscription period will run between October 26, 2015, and November 9, 2015. The Board of Directors is however authorized to, if necessary, prolong the time for subscription.

For additional information, please contact:
Eva Kaijser, CEO, +46 (0)709 320 901
Jonatan Forsberg, CFO, +46 (0)761 051 310

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

The information above has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 8.00 a.m. (CET) on October 16, 2015.

Nordic Mines is a Nordic mining and exploration company. The Company was mining Gold in the Laiva mine in Finland during the years from 2011 to 2014. These gold deposits are 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 is traded on the Nasdaq Stockholm Small Cap list. See also www.nordicmines.se.