MM Asset Management Inc. Acquired Control Over Convertible Debentures and Common Shares of NEMI Northern Energy & Mining Inc.

TORONTO, ONTARIO--(Marketwire - Sept. 23, 2011) - MM Asset Management Inc. ("MMAM") announced that, on March 30, 2009, one fund it manages and advises, MMCAP International Inc. SPC ("MMCAP"), acquired in a private transaction through a registered investment dealer an additional $2,985,000 aggregate principal amount of convertible debentures ("Debentures") of NEMI Northern Energy & Mining Inc. (the "Issuer") at a price of $27.50 plus commission of $0.125 per $100 principal amount of the Debentures or $824,606.25 in the aggregate resulting in MMCAP beneficially owning and MMAM exercising control and direction over $7,180,000 aggregate principal amount of Debentures, representing approximately 12.11% of the outstanding common shares ("Common Shares") of the Issuer, calculated on a partially-diluted basis, at such date. The Debentures are unsecured and bear interest at a rate of 8% per annum, payable semi-annually in arrears, on June 30^th and December 31^st of each year commencing June 30, 2008. The Debentures mature on March 12, 2013 and are convertible into Common Shares at any time up until maturity at a conversion price of $0.90 per share.

Subsequent to March 30, 2009, MMAM, on behalf of MMCAP, purchased $750,000 aggregate principal amount of Debentures in private transactions through registered investment dealers, converted $1,000,000 aggregate principal amount of Debentures into Common Shares issued from treasury and purchased and sold Common Shares on numerous occasions through the facilities of the Toronto Stock Exchange. Such additional Debentures were purchased at a price of $50.00 plus commission of $0.125 per $100 principal amount plus accrued interest thereon and at a price of $109.00 plus commission of $0.125 per $100 principal amount plus accrued interest thereon. Common Shares were purchased at prices ranging from $0.35 to $1.07 per Common Share.

As at the date hereof, MMCAP beneficially owns and MMAM exercises control and direction over, Debentures in an aggregate principal amount of $6,930,000 and an aggregate of 851,900 Common Shares, representing approximately 13.65% of the outstanding Common Shares, calculated on a partially diluted basis based on the total number of outstanding Common Shares of 54,941,635 as reported by the Issuer in its most recently filed management information circular.

MMCAP has acquired such Debentures and Common Shares for investment purposes only. Depending on market conditions and other factors, MMCAP may from time to time acquire additional securities of the Issuer or dispose of such securities in the open market, by private agreement or otherwise.