Nordic Mines' agreement with the banks finalized

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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 9 November 2015

Nordic Mines AB (publ) ("Nordic Mines" or "the Company") has agreed on a final agreement with the Company's lenders, under which Nordic Mines will acquire all of the lenders' claims on Group companies in accordance with the existing project financing agreements. This confirms the agreement in principle, which was announced through a press release on 21 September 2015. The Company is now conducting a new share issue with preferential rights for existing shareholders (the "Rights Issue"), and Nordic Mines intends to fund the purchase through the Rights Issue. The agreement with the Company's lenders entails that:

• The Company purchases all of the lenders' claims on Group companies in accordance with the existing project financing agreements for a purchase price of EUR 5 million. This corresponds to an additional write-down of the original loan amounts of approximately EUR 10 million. Before the first write-down in the summer 2014 the outstanding debt amounted to more than EUR 45 million.
• The agreement also includes outstanding warrants held by the lenders corresponding to an ownership of 12 per cent.
• Nordic Mines regains through this purchase full control over the assets that are pledged in accordance with the project financing agreements.

The Company's obligation to carry out the acquisition is conditional on that the Company's board resolves and announces that the conditions for the Rights Issue have been achieved. If this condition is not achieved no later than 4 December 2015 or the acquisition has not been completed no later than the 13 December 2015, the agreement can be terminated. The agreement can also be terminated before that, if the Company does not obtain subscription applications corresponding to at least the purchase price and there is no reason to expect that the Company will, no later than 13 November 2015, obtain subscription applications or secure other financing, acceptable to the lenders, in an amount corresponding to at least the purchase price.

For the Rights Issue, inter alia, the following terms apply:

• The subscription price has been set to SEK 0.20 per share.
• 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.
• The subscription period will run until 9 November 2015.

The prospectus and the subscription form (with or without subscription rights) are available at www.nordicmines.se. A supplementary prospectus will be published by reason of the agreement with the lenders.

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

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 9 November 2015 at 08:00 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.

IMPORTANT INFORMATION

The information in this press release does not contain or constitute an offer to acquire, subscribe or otherwise trade in shares, subscription rights or other securities in Nordic Mines. Any invitation to the persons concerned to subscribe for shares in Nordic Mines will only be made through the prospectus published by Nordic Mines on its web site.

This press release may not be published or distributed, directly or indirectly in or into United States, Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or any other jurisdiction where such action is wholly or partially subject to legal restrictions or where such action would require additional prospectuses, registrations or other actions in addition to what follows from Swedish law. Nor may the information in this press release be forwarded, reproduced or disclosed in such a manner that contravenes such restrictions or would require such requirements. Failure to comply with this instruction may result in a violation of applicable securities laws.

No subscription rights, OTAs or BTAs (interim shares) or new shares will be registered under the United States Securities Act of 1933 ("Securities Act") or securities legislation in any other state or other jurisdiction in the United States and may not be offered, subscribed, sold or transferred, directly or indirectly within the United States, other than pursuant to an exemption from the registration requirements of the Securities Act and in accordance with securities laws in relevant state or other jurisdiction in the United States.

This press release may contain forward-looking statements which reflect Nordic Mines' current view on future events and financial and operational development. Words such as "intend", "expect", "anticipate", "may", "believe", "plan", "estimate" and other expressions which imply indications or predictions of future development or trends, and which are not based on historical facts, are intended to identify forward-looking statements. Forward-looking statements inherently involve both known and unknown risks and uncertainties because they depend on future events and circumstances. Forward-looking statements do not guarantee future results or development and the real outcome could differ materially from the forward-looking statements.