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Enter Symbol
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Nine Mile Metals Ltd
Symbol NINE
Shares Issued 57,990,173
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Nine Mile Metals arranges $1-million private placement

2023-05-10 19:50 ET - News Release

Subject: NINE MILE METALS RELEASE - IMMEDIATE DISSEMINATION Word Document File: '\\swfile\EmailIn\20230510 163752 Attachment NINE Press Release FT Financing (02966938x9DEBD).docx' Suite 350 - 1650 West 2nd Avenue, Vancouver, BC, V6J 1H4 (T) 604.428.5171 www.ninemilemetals.com Nine Mile Metals Flow Through Financing Vancouver, B.C. May 10, 2023- NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the "Company" or "Nine Mile") announces its intention to complete a flow-through ("FT") private placement for proceeds of up to $1,000,000. 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. ON BEHALF OF NINE MILE METALS LTD. "Patrick J. Cruickshank, MBA" CEO 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 FT private placement for proceeds of $1,000,000; 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.

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