Nine Mile Metals increases financing to $400,000

Jun 7, 2023

2023-06-06 16:55 ET – News Release


Mr. Charles MaLette reports


Nine Mile Metals Ltd. is increasing the size of its private placement financing, previously announced on May 31, 2023, from $250,000 to up to $400,000, due to investor demand.

Under the increased terms, the private placement will consist of the sale of up to four million units at a price of 10 cents per unit. Each unit will comprise one common share and one-half of one common share purchase warrant, with each warrant entitling the holder thereof to acquire one common share in the capital of the company at a price of 15 cents per common share for a period of 24 months from the date of issuance.

In consideration for their services in introducing subscribers to the company under the private placement, finders may receive commission of 7 per cent in cash and 7 per cent in common share purchase warrants, each exercisable to purchase one common share at a price of 15 cents for a period of 24 months.

The company intends to use the proceeds for operating expenses, including legal and audit fees, and general working capital.

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

About Nine Mile Metals Ltd.

Nine Mile Metals is a Canadian public mineral exploration company focused on critical minerals exploration (CME)/volcanic massive sulphide (VMS) (copper, lead, zinc, silver and gold) 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 new Wedge VMS projects. The company is focused on CME, positioning for the boom in electric vehicle (EV) and green technologies requiring copper, silver, lead and zinc with a hedge with gold.

We seek Safe Harbor.

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