Nordic Mining ASA — Share Issue/Capital Change 2016

Dec 16, 2016

Completed Private Placement

Completed Private Placement

Nordic Mining is pleased to inform the completion of a Private Placement of

8,620,000 shares to four selected institutional and professional investors.

Gross proceeds from the Private Placement are approximately NOK 26.7 million.

Nordic Mining ASA (the "Company") has completed a Private Placement of 8,620,000

shares at a subscription price of NOK 3.10 per share. The share issue equals

close to 10% of the Company's share capital. Gross proceeds from the Private

Placement are approximately NOK 26.7 million.

The proceeds from the Private Placement will be used primarily to finance

feasibility studies for the Engebø rutile project, potential follow-up

investments in Keliber Oy and general corporate purposes.

The shares have been issued to the following four institutional and professional

investors:

·  Spencer Trading AS

·  A London based asset management fund

·  Alden AS

·  Tigerstaden AS

The shares will be issued in two tranches. The first tranche comprises of

6,378,666 shares which are remaining under the authorization given by the

Company's general meeting 18 May 2016. The first tranche of shares is expected

to be registered on or about 21 December 2016. Following the registration of the

first tranche resolved by the board of directors, the new share capital of the

Company will be NOK 55,550,480.40 divided on 92,584,134 shares each with a

nominal value of NOK 0.60.

The second tranche comprises of 2,241,334 shares which will remain subject to

the approval by an Extraordinary General Meeting (the "EGM"). The EGM is

expected to be held on or about 10 January 2017.

The Board has assessed the Private Placement in light of the equal treatment

requirement, balanced the considerations that speak for and against carrying out

the Private Placement. Taking into account that the Company through the Private

Placement succeeds in attracting quality investors, obtaining funds for

prioritised projects, timing implications and costs, the Board concluded that

the waiver of the preferential rights in the Private Placement was considered

necessary in the interest of time and successful completion in the common

interest of the Company and its shareholders.

Clarksons Platou Securities AS has acted as Sole Manager and Bookrunner in the

Private Placement.

For further information, please contact CFO Lars K. Grøndahl, telephone +47 901

60 91.

Oslo, 16 December 2016

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 in the Nordic region.

Through the subsidiary Nordic Rutile AS Nordic Mining is undertaking a large

-scale project development at Engebøfjellet in Sogn and Fjordane where the

Company has rights and permits to a substantial eclogite deposit with rutile and

garnet. Permits for the project have been granted by the Norwegian government.

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 exploration rights on the Øksfjord Peninsula 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 with ticker symbol "NOM".