VANCOUVER, British Columbia, Feb. 08, 2024 (GLOBE NEWSWIRE) -- NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the Company or Nine Mile) announces its intention to complete a private placement for proceeds of up to $500,000 (the Private Placement).
The Private Placement will consist of the sale of up to 8,333,333 units (each a Unit) at a price of $0.06 per Unit. Each Unit will be comprised of one common share (a Common Share) and one Common Share purchase warrant (a Warrant"), with each Warrant entitling the holder thereof to acquire one Common Share in the capital of the Company at a price of $0.10 per Common Share for a period of 24 months from the date of issuance.
The Warrants will include an acceleration clause to the effect that if at any time after the statutory four month and a day hold period from the closing date, the daily volume weighted average closing price of the common shares on the Canadian Securities Exchange is at least $0.30 per share for a period of 10 consecutive trading days the Company may, within five days of the triggering event, accelerate the expiry date of the warrants by giving notice thereof to the holders of the warrants, by way of news release, and in such case the warrants will expire on the first day that is 30 calendar days after the date on which such notice is given by the issuer announcing the triggering event.
In consideration for their services in introducing subscribers to the Company under the Private Placement, finders may receive commission of 8% cash and 8% common share purchase warrants, exercisable to purchase one common share at a price of $0.10 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 a day hold period.
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 (NYSE:BC), 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 our new 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.
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ON BEHALF OF NINE MILE METALS LTD.
Patrick J. Cruickshank, MBACEO and Director T: (506) 804-6117 E: patrick@ninemilemetals.com
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. Forward-looking statements in this press release include that (a) the Company will close the private placement for proceeds of $500,000; and (b) the Company will use the proceeds as described above. 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.
Source: Nine Mile Metals Ltd.