Nine Mile Metals Closes 2nd Tranche of $1,200,000 Private Placement

Rhea-AI Summary

On December 13, 2022, Nine Mile Metals Ltd. (CSE: NINE, OTCQB: VMSXF) announced the completion of a $1,200,000 private placement, raising $600,000 through the sale of 1,875,000 flow-through units priced at $0.32 each. The total proceeds from this offering now stand at $771,000. Each unit includes a common share and a half warrant, with warrants priced at $0.45, valid for 24 months. Funds will support exploration activities on its mineral properties.

Positive

• Successfully raised $1,200,000 in a private placement.
• Funds will be allocated for exploration on mineral properties in New Brunswick.

Negative

• Total proceeds from this offering only reached $771,000, short of the $1,200,000 target.

VANCOUVER, British Columbia, Dec. 13, 2022 (GLOBE NEWSWIRE) -- NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”) announces completion of the second tranche of a private placement of approximately $1,200,000 (the “Offering”). The Company issued 1,875,000 flow-through units (each, a “Unit”) at a price of $0.32 per Unit, for proceeds of $600,000. Total proceeds of the offering are now $771,000.

Each Unit consists of one flow-through common share of the Company and one-half of 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 $0.45 for a period of 24 months.

In consideration for their services in introducing subscribers to the Company under the Private Placement, finders received 112,500 common share purchase warrants, exercisable to purchase one common share at a price of $0.45 for a period of 24 months and cash of $36,000.

The proceeds raised through the private placements will be used for exploration on the Company’s mineral properties. All securities issued in the Private Placement are 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.

ON BEHALF OF NINE MILE METALS LTD.

“Charles MaLette”
President and Director
T: 604-428-5171
E: info@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 additional tranches in the future of up to approximately $1,200,000 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.        

FAQ

What is the recent private placement amount for Nine Mile Metals (VMSXF)?

Nine Mile Metals completed a private placement raising approximately $1,200,000.

How much did Nine Mile Metals raise in their second tranche of the offering?

The second tranche raised $600,000.

What will the proceeds from the private placement be used for?

The proceeds will be used for exploration on Nine Mile Metals' mineral properties.

What are the terms of the warrants issued by Nine Mile Metals?

Each common share purchase warrant allows for purchasing a common share at $0.45 for 24 months.

How many flow-through units were issued in the recent offering by Nine Mile Metals?

Nine Mile Metals issued 1,875,000 flow-through units in the recent offering.