Axactor SE

Share Issue/Capital Change • Jan 28, 2014

NMG: Nickel Mountain Group AB conducts set-off issue amounting to some 11.8 million SEK

NMG: Nickel Mountain Group AB conducts set-off issue amounting to some 11.8 million SEK

As previously informed to the market, Nickel Mountain Group AB (publ)

("NMG" or "Company") has prepared and carried out a share issue versus

payment via set-off of debt. The background is that a large number of

shareholders in autumn 2013 supported the company financially by

extending interest free loans to help out in the very strained financial

situation then applying. An Extraordinary Shareholders Meeting (EGM) of

NMG held on November 22, 2013 gave the Board authority to decide on

directed share issues via payment in cash or via set-off of claims.

Based on this given authority, the Board has decided on such share issue

amounting to some 11.8 million SEK ("MSEK") and this issue has now been

registered with the Swedish Companies Registrar (Swe "Bolagsverket").

The issue entails that NMG issues in total 3,052,799 new shares. The

amount set off corresponds to some 11.8 MSEK, and the share capital

increases by SEK 1,526,399.50 to SEK 10,613,860.50. Total number of

shares post the issue increases from 18,174,922 to 21,227,721.

The issued shares will get distributed to the shareholders as soon as

practically possible, that is believed to be within the next few days

and will then be immediately subject to trading at the Oslo Stock

Exchange. NMG will publish a press release regarding the first day of

trading of the new shares as soon as possible, at the latest the day

before the new shares will be allocated to the shareholders' share

accounts.

Certain of the Board members of Nickel Mountain Group AB have committed

to convert accrued fees and extended loans via the set-off mechanism.

Also, the Company's major shareholder Altro Invest has during autumn

2013 lent significant amounts of money to the Company in order to

improve the financial situation. Altro Invest has in this context

expressed its intention to retain its share interest at approximately

the same level of 29.7% of the capital and votes.

For legal reasons any directed share issue to Board members and their

related parties is subject to approval by a new Extraordinary

Shareholders' Meeting according to the chapter 16 provisions of the

Swedish Company Law. This means that the Board will have to convene such

Shareholders' Meeting as soon as possible.

Due to the still ongoing restructuring work of the Company's African

Diamond portfolio, an update on the African assets will be released

shortly. The record date entitling to free distribution of shares in the

business area "Diamonds" will be decided as soon as possible following

the new Extraordinary Shareholders' Meeting.

Mr. Tony Saetre, independent IR-consultant to NMG in Norway, and

registered as insider, has participated in the set-off issue, and will

be allocated 10,715 shares. After this transaction Mr. Saetre will hold

in total 10,715 shares in NMG.

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

Torbjorn Ranta

Managing Director

For information, please contact Torbjorn Ranta

Mail: torbjorn.ranta@nickelmountain.se

Tel: + 46 8 402 28 00

Mobile: +46 708 855504

Erlend Dunér Henriksen

Deputy board member

Mobile: +47 920 18 950

E-mail: erlend@henriksen.as