VANCOUVER, British Columbia, February 8, 2024 (Globe Newswire) — Nine Mile Metals Co., Ltd. (CSE: 9, OTCQB: VMSXF, FSE: KQ9) (“''company” or “nine mile”) announced its intention to complete a private placement for proceeds of up to $500,000 (“private placement”).
The Private Placement consists of the sale of up to 8,333,333 Units (each a “unit), priced at $0.06 per unit. Each unit consists of one common share (“”).common stock”) and one common stock purchase warrant (“warrantEach warrant entitles us to acquire one common share out of our capital stock at a price of $0.10 per common share for a period of 24 months from the date of issuance.
The warrants include an acceleration provision that at any time after a statutory holding period of four months and one day from the closing date, the daily volume-weighted average closing price of the common stock on the Canadian Securities Exchange will be at least $0.30. It will be done. per share for a period of 10 consecutive business days, the Company may accelerate the expiration of the stock acquisition rights by notifying the stock acquisition rights holders accordingly through a news release within five days of the triggering event. can do. The warrants will expire on the first day of his 30th calendar day from the date on which the issuer gives notice announcing the triggering event.
In consideration for its services in introducing subscribers to the Company pursuant to the private placement, Finder will receive an 8% cash commission and 8% common stock purchase warrants exercisable to purchase one common share at $0.10 over a 24-month period. You may.
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 are subject to a holding period of four months and one day.
About Nine Mile Metals Co., Ltd.:
Nine Mile Metals Ltd. is a Canadian public company focused on Critical Minerals Exploration (CME) VMS (Cu, Pb, Zn, Ag, Au) exploration at the world-famous Bathurst mining camp in New Brunswick, Canada. Mineral exploration company. Our main business goal is to investigate four of his VMS projects. Lake California VMS.Canoe Landing Lake (East-West) VMS and our New Wedge VMS project. The company is focused on critical mineral exploration (CME), preparing for the boom in EV and green technologies that require copper, silver, lead and zinc, while hedging with gold.
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On behalf of Nine Mile Metals Co., Ltd.
“Patrick J. Cruikshank, MBA”
CEO and Director
Phone: (506) 804-6117
E: patrick@ninemilemetals.com
Forward-looking information:
This press release may contain forward-looking information within the meaning of Canadian securities laws regarding Ninemile's business. Forward-looking information is based on certain important expectations and assumptions of Nine Mile's management. In some cases, use words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” and “anticipate” You may be able to identify forward-looking statements by: “believe,” “estimate,” “predict,” “may,” “continue,” “could,” “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: (a) the Company expects to close its private placement to raise $500,000; (b) We will use the proceeds as described above. Although Nine Mile believes that the expectations and assumptions underlying such forward-looking information are reasonable, Nine Mile can give no assurance that such information will prove to be correct. Undue reliance should not be placed on forward-looking information as it is not possible to do so.
The Canadian Securities Exchange (CSE) has not reviewed and is not responsible for the adequacy or accuracy of the contents of this release.
