In May 2020, Nordic Iron Ore AB retained Whittle Consulting (“WCPL”), a consulting firm specializing in strategic planning of mining operations, based in Australia, to conduct an optimization study for the project in Blötberget. According to the assignment agreement, WCPL has the right to receive at least approx. half of its fee in the form of newly issued shares. According to the agreement, the issue price shall correspond to the volume weighted average trading price for 30 days immediately before the completion of the assignment, however, with a minimum of SEK 2.50 per share. After Whittle requested that payment of the entire fee for the completed study be made by set-off, the Board of Directors of Nordic Iron Ore AB has decided to allot shares in accordance with the requested subscriptions, corresponding to SEK 5,982,161 via a set-off issue to 2,327,689 new shares in Nordic Iron Ore AB (publ). The private placement means that the number of shares in Nordic Iron Ore AB increases by 2,327,689 from 31,255,304 to 33,582,993 and that the share capital increases by SEK 4,036,758 from SEK 54,204,018 to SEK 58,240,776. The issue thus creates a share dilution of approximately 6.9 percent.