Mr. Charles MaLette reports
NINE MILE METALS COMPLETES PRIVATE PLACEMENT FINANCING
Nine Mile Metals Ltd. has completed a private placement financing for cash proceeds of $175,238 and debt forgiveness of $20,000. The company issued 3,253,968 units at a price of six cents each. Each unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of 10 cents per common share for a period of 24 months from the date of issuance.
The common shares and warrants issued in the private placement are subject to a four-month-and-a-day hold period. A commission of $2,400 and 40,000 warrants was paid by the company to a finder in connection with a portion of the private placement.
The $20,000 debt conversion was arranged by the company with Slam Exploration in lieu of the first anniversary payment owed by the company to maintain its option on its Wedge Project property in New Brunswick. The company intends to use the proceeds of the private placement for operating expenses, including legal and audit fees and general working capital.
About Nine Mile Metals Ltd.
Nine Mile is a Canadian public mineral exploration company focused on critical mineral exploration and volcanogenic massive sulphie (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 its new Wedge VMS. The company is focused on critical mineral exploration, positioning for the boom in electric vehicle and green technologies requiring copper, silver, lead and zinc with a hedge with gold.
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