The Conversation (0)
Nine Mile Metals LTD- (CSE: NINE,OTC:VMSXF) (OTCQB: VMSXF) (FSE: KQ9) (the "Company" or "Nine Mile") announces the closing of the oversubscribed Non-Brokered Flow Through Private Placement financing (the "Offering"). The Company issued 20,000,000 units (each, a "Unit") at a price of $0.02 per Unit, for proceeds of $400,000. The original size announced was $250,000.
Each Unit consists of one common share of the Company and one common share purchase warrant (each whole common share purchase warrant, a "Warrant"), with each Warrant entitling the holder thereof to purchase one common share at a price of $0.05 for a period of 36 months.
Proceeds will be used for exploration activities and related expenses on our NB Critical Minerals Projects in the Bathurst Mining Camp.
Three current directors of the Company participated in the flow through private placement and purchased 2,250,000 Units for ($45,000). The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of such insider participation.
In connection with the Offering, the Company paid commissions of an aggregate of $8,000 and issued an aggregate of 400,000 compensation warrants (the "Compensation Warrants"). Each Compensation Warrant entitles the holder thereof to purchase one common share at a price of $0.05 for a period of 36 months.
The issuance of Common Shares will not result in a new insider or control person. The Common Shares, and any Common Shares to be issued on exercise of the Warrants, are subject to a hold period under applicable Canadian securities laws expiring four months and one day from the date of issuance of the Units.
Patrick J Cruickshank, CEO & Director stated, "We are pleased to have closed this funding, including a strategic investor, and we are organizing the mobilization of our previously announced Drill Program at the Wedge Critical Mineral Project."
About Nine Mile Metals Ltd.:
Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on Critical Minerals Exploration (CME) VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company's primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS; California Lake VMS; Canoe Landing Lake (East-West) VMS and the Wedge VMS Projects. The Company is focused on Critical Minerals Exploration (CME), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold.
ON BEHALF OF Nine Mile Metals LTD.
'Patrick J. Cruickshank, MBA"
Chief Executive Officer and Director
Tel: (506) 804-6117
Email: patrick@ninemilemetals.com
The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and reviewed and approved by Gary Lohman, B.Sc., P. Geo., VP Exploration and Director who acts as the Company's Qualified Person and is not independent of the Company.
Forward-Looking Information :
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as "will," "may," "would," "expect," "intend," "plan," "seek, "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "could" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272322
