Nordic Mining has raised NOK 27.3 million in a private placement targeted to a limited number of Norwegian and international investors. The company has issued 10,900,000 new shares at a price of NOK 2.50 per share.

 

The issue will be followed by a rights issue of up to 28,718,140 shares towards existing shareholders at the same subscription price (NOK 2.50 per share) as in the private placement. Registered shareholders as per 15 March 2007 will receive one subscription right per existing share. If the rights issue is not fully subscribed by existing shareholders on the basis of rights and oversubscription, other investors and the public may subscribe. A prospectus will be published and distributed in advance of the rights issue.

 

Proceeds from the private placement and the subsequent rights issue will be used for development of Nordic Mining's projects and mineral rights within titanium, tungsten, molybdenum, thorium and gold as well as acquisitions and development of the company's EM-technology.

 

For questions please contact CFO Lars K. Grøndahl, telephone + 47 - 901 60 941.

 

Oslo, 30 March 2007
Nordic Mining ASA