Nine Mile Metals arranges $1-million private placement

May 11, 2023

2023-05-10 19:50 ET – News Release

Mr. Patrick Cruickshank reports

NINE MILE METALS FLOW THROUGH FINANCING

Nine Mile Metals Ltd. intends to complete a flow-through (FT) private placement for proceeds of up to $1-million.

The FT private placement will consist of the sale of up to 3,125,000 FT Units at $0.32 each. Each FT Unit will be comprised of one common share, issued on a flow-through basis (“FT Share”) and one Common Share purchase warrant, issued on a non-flowthrough basis (“Warrant”). Each Warrant will entitle the holder thereof to acquire one common share in the capital of the company (each, a “Common Share”) at a price of $0.42 per Common Share for a period of 24 months from date of issuance. The FT Shares are intended to qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada).

In consideration for their services in introducing subscribers to the Company under the FT Private Placement, finders may receive commission of 7% cash and 7% common share purchase warrants, exercisable to purchase one common share at a price of $0.42 for a period of 24 months.

The Company intends to use the net proceeds of the FT private placement to incur eligible “Canadian Exploration Expenses” that qualify as “flow-through mining expenditures” (as both terms are defined in the Income Tax Act (Canada)) related to the Company’s properties located in New Brunswick, Canada, on or before December 31, 2023.

All securities issued in the FT private placement will be subject to a four month and a day hold period.

About Nine Mile Metals Ltd.

Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on 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 three VMS Projects: Nine Mile Brook VMS Project; California Lake VMS Project; and the Canoe Landing Lake (East – West) VMS Project. The Company is focused on exploration of Minerals for Technology (MFT), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold.

We seek Safe Harbor.

https://ninemilemetals.com/