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Pressrelease
14.11.2017

Summary of Nordic Mines AB's situation

On 30 June, the AGM made decision on a rights issue, which was suspended due to the Board's uncertainty regarding projected success. In an extraordinary meeting convened on September 8, 2017, it was resolved to implement a joint venture with Firesteel Resources (FTR) and supported by Lau Su Holding.

With the extraordinary general meeting's decision in the background, the Board has since been working to keep bankruptcy away, which has meant:

1. Reduce the liabilities of Nordic Mines AB through negotiations with creditors and to secure a loan from FTR of approximately 3.3 million SEK.

2. Communicate with the reconstruction lawyers in Finland regarding the approval of the plans for a major investment, large enough to cover the debts in, in particular, Nordic Mines Oy.

3. Initiate sales of the assets In Finland belonging to Nordic Mines AB, including a property in the Laiva area, two drilling rigs. This is to strengthen the cash register and keep bank-ruptcy at a distance.

The construction of the agreement with FTR, in particular the repayment of FTR's loans to Pandion, proved incompatible with Swedish accounting law and the agreement was therefore required to be amended. In this context, FTR would increase its first investment from CAD 17 mil to CAD 21 million, thus gaining 60% Nordic Mines earlier than first agreed.

This money should be used to:
1. Pay debts to feed owners in Finland;
2. Repay loans to Lau Su Holding, Lau Tzu Investment and Jade Global, totaling 2 million USD
3. Payment of expenses Nordic Mines AB had for subsidiaries, which shall agreement is covered by FTR
4. Remaining for hiring staff, purchasing equipment and generally preparing the mine for production.

FTR will buy the remaining 40% within 3 months after the first payment is made. Payment to Nordic Mines shareholders is in the form of 40% of FTR's shares.

It should be pointed out that these adjustments to the agreement were made after first receiving acknowledgement from our majority shareholder. The Board thus had only two alternatives, an agreement with FTR or bankruptcy.

The increase in value The FTR share has so far been very good, and can be expected to be significantly higher once production starts.

In order to give the new board maximum time and effort, we propose that the old board make its seats available and also open up for broadening of the board. At least the company must have three board members.

Board of Nordic Mines AB

Nordic Mines is a Nordic mining and exploration company. The Laiva 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.


Pressrelease
06.11.2017


Message from CEO

I have after careful consideration decided to resign from my CEO position at Nordic Mines AB, in order to help the process to find the best solution for the shareholders. The board, Pranay Panda and FTR will reach a good solution together.


Pressrelease
06.10.2017

The Board's update of the position and considerations made by the Board

The Board's first priority has been to avoid bankruptcy. The loan issued by Firesteel Resources (FTR) means that the immediate threat is now eliminated. Secondly, it has been to crystallize how the company will function as Nordic Mines AB becomes a holding company under the Joint Venture (JV) agreement concluded with FTR. Last but not least, on the Board's agenda, it has been important to obtain guarantees that shareholders can anticipate a listing on an appropriate stock exchange.

In our efforts to avoid bankruptcy, we have offered our suppliers to pay a portion of the debt and thus a 75% impairment of their claims.

The loan we received from FTR of 500k CAD (3,250,000) and runs with: LIBOR + 5% (approximately 7%). The company has managed to negotiate a lower interest rate which was initially set at 12%.

To act as a holding company without recurrent income means we must ensure that costs are minimized. Dividend from JV cannot anticipated in quite some time. This means that we need to review more cost effective solutions for website, accounting, auditing etc. All of these will be renegotiated or discontinued. The Board and CEO work today without compensation.

Returning to the issue of listing of the company on a renowned stock exchange, we have managed to obtain a written letter of intent by FTR for listing on the Toronto Stock Exchange TSX. This process is now under preparation and the next step can begin as soon as JV has formed up.

The value of Nordic Mines part in the event that FTR would use the right to purchase the entire Nordic Mines would in earlier agreements be fair mark value. Since FTR has now in writing promised to list the new company, and that text has been changed to "equity value".

There are some remaining issues to be dealt with in Nordic Mines OY, which is under Finnish reconstruction under the law firm Krogerus. Krogerus has the task of approving all investments in the company. Thus, there are far-reaching requirements for investment plans that must be approved. Krogerus has expressed his satisfaction that FTR enters the business.

For additional information contact:
Claes Jansson
Managing Director, Company secreterare och Investor Relations
claesjansson7@gmail.com 

Nordic Mines is a Nordic mining and exploration company. The Laiva 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.



Pressrelease
21.09.2017 

The Board informs about continuous work. 

At recent EGM on September 8, a large majority decided that a Joint Venture (JV) with Firesteel Resourses was to be closed as soon as possible. Details of the agreement can be found in previous press releases.

At the meeting, Hans Andreasson and Torsten Börjemalm resigned from the board and Fred Boman and Claes Jansson were elected.

After intensive work on both sides of the Atlantic, all signatures are now in place. JV Agreement as well as Management Service Agreement and also an agreement governing the repayment of loans to Lau Su, Lau Tzu and Jade Global.

Nordic mines AB will receive a loan from Firesteel to be able to maintain payment of salaries, taxes and suppliers. Firesteel has committed 500,000 CAD to "keep the light on" in Nordic Mines until our part JV generates revenue. Negotiations with our creditors are also ongoing on debt write-downs, in order to avoid bankruptcy.

The Board has also been in contact with Mangold Fund Commission to investigate the opportunities of listing and thereby be able to trade with Nomi shares.

In addition, the Board has decided to appoint Board member Claes Jansson as new CEO of Nordic Mines AB, which complies with the requirements of the regulations. Claes has agreed not to take any compensation from the company as long as the financial difficulties prevails.

If you have questions or comments, please contact Claes at nordicclaes@gmail.com

We will continuously provide information on developments on this website

For additional information contact:
Torbjörn Bygdén
Company Secreterare and Investor Relations
torbjorn.bygden@azets.net
+46 (0) 70 301 45 46
Lindhagensgatan 94, Box 34212 10026
Stockholm

Nordic Mines AB (publ.) is obliged to make this information public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 21 September 2017.
Nordic Mines is a Nordic mining and exploration company. The Laiva 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.



Pressrelease
13.09.2017


Nordic Mines AB Extraordinary General Meeting 8 September 2017

At the Annual General Meeting, proposals from Firesteel Resources Ltd and proposals from Lau Su Holding AB were presented and decided upon. At the meeting, Lau Su withdrew its proposal and the AGM resolved to approve proposals as Board and Firesteel have prepared in the form of Joint Venture in Nordic Mines Marknad AB. Nordic Mines has previously informed about the deal in detail, which can also be found such as press releases.

Firesteel intends to invest the corresponding CAD 20m in the business and to finance Nordic Mines AB with loans until Laiva's activities begin to generate own funds that will flow to Nordic Mines AB.

There is no decision about and when the share is to be noted again. There are a number of options that the board can take into consideration in the ongoing work.

The AGM also decided to approve the resignation application for Board members Hans Andreasson and Torsten Börjemalm. New members of board, Fred Boman and Clas Jansson were elected.

For additional information contact:

Torbjörn Bygdén
Company Secreterare and Investor Relations torbjorn.bygden@azets.net
+46 (0) 70 301 45 46
Lindhagensgatan 94, Box 34212 10026
Stockholm

For more information Nordic Mines, besök www.nordicmines.com/.

Nordic Mines AB (publ.) is obliged to make this information public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 14 September 2017.

Nordic Mines is a Nordic mining and exploration company. The Laiva 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.










Nordic Mines AB (Publ)


c/o Azets Insight AB
Box 34212
100 26 Stockholm
Sweden

Nordic Mines OY


Laivakankaantie 503
FI-92 230 Mattilanper
Finland
+358 (0) 8-22 94 04

Nordic Mines AB (Publ) Filial Finland


Ylipääntie 637
FI-92 220 Piehinki
Finland
+358 (0) 8-22 94 00


Nordic Mines AB (Publ)