Nordic Mining ASA — Share Issue/Capital Change 2014

Oct 23, 2014

Rights issue resolved

Rights issue resolved

On 22 October 2014, the Board of Directors of Nordic Mining ASA ("Nordic

Mining" or "the Company") resolved to conduct a rights issue, based on

authorisation from the general meeting, with the following main terms:

·

The Company's share capital will be increased with up to NOK 2,800,000

by the issuance of up to 28,000,000 new shares.

·

Shareholders in the Company as per the end of 22 October 2014 (as

registered in the VPS as of 24 October 2014) shall have preferential

rights to subscribe for and be allotted the new shares corresponding to

their pro rata shareholding in the Company. Transferable subscription

rights will be issued and listed on Oslo Axess.

·

One (1) share in the Company will give 0.09982 subscription rights. One

(1) subscription right gives the right to subscribe one (1) share in the

rights issue. Over-subscription is allowed. Possible shares not

subscribed by owners of subscription rights may be subscribed by other

investors.

·

The subscription price is NOK 0.60 per new share. Based on the closing

price for Nordic Mining's share on 22 October 2014 of NOK 1.05, the

subscription price implies a discount of approximately 41% compared with

the theoretical share price exclusive of the subscription right.

·

The subscription period shall commence on 28 October 2014 and end on 12

November 2014 at 16:30 hours (CET). The subscription period is subject

to the approval by the Financial Supervisory Authority of Norway of the

prospectus prepared in connection with the rights issue. Possible delay

of the start and end of the subscription period will be communicated in

a separate stock exchange release.

Nordic Mining's shares will trade ex. subscription rights as from and

included Thursday 23 October 2014 (ex. date).

The proceeds from the rights issue will be used in connection with the

Engebø rutile project and for general corporate purposes. A remark

related to the industrial area plan and the Company's application for

discharge permit for the Engebø rutile project are currently in the

final stage of consideration with the Ministry of Local Government and

Modernisation ("KMD") and the Ministry of Climate and Environment

("KLD"), respectively. KMD has requested input and recommendations

related to the industrial area plan from certain other ministries, with

a time limit of four weeks starting from 10 October 2014. KLD has

requested an update of assessments related to the application for

discharge permit from the Norwegian Environment Agency.

CEO Ivar S. Fossum comments:

"We trust that the ministries' final decision process regarding permits

for the Engebø rutile project will be efficient and look forward to

developing new mineral industry at Engebø. The proceeds from the rights

issue will provide financial flexibility during the final stage of the

permitting process and in the transition period towards the next project

phase."

Further information about the rights issue will be included in the

prospectus currently in preparation and expected to be published on or

about 28 October 2014.

Swedbank is appointed manager and Kvale Advokatfirma DA is legal advisor

for the transaction.

For further information please contact CFO Lars K. Grøndahl, telephone

+47 901 60 941.

Oslo, 23 October 2014

Nordic Mining ASA

Nordic Mining ASA (www.nordicmining.com)

Nordic Mining ASA ("Nordic Mining" or "the Company") is a resource

company with focus on high-end industrial minerals and metals in Norway

and internationally. The Company's project portfolio is of high

international standard and holds a significant economic potential. The

Company's assets are mainly in the Nordic region.

Through the subsidiary Nordic Rutile AS Nordic Mining is undertaking

large-scale project development at Engebøfjellet in Sogn and Fjordane

where the Company has rights to a substantial eclogite deposit with

rutile and garnet. Nordic Mining has rights for exploration and

production of high-purity quartz in Kvinnherad in Hordaland and develops

the project through its subsidiary Nordic Quartz AS. Nordic Mining's

associated company Keliber Oy in Finland plans to start mining of

lithium bearing spodumene and production of lithium carbonate. Nordic

Mining holds explorations rights in the Øksfjord region in Troms and

Finnmark where the Company has discovered a prospective area of sulphide

mineralisation. Through the subsidiary Nordic Ocean Resources AS, Nordic

Mining is exploring opportunities related to seabed mineral resources.

Nordic Mining is listed on Oslo Axess.