VANCOUVER, British Columbia, Dec. 13, 2023 (GLOBE NEWSWIRE) -- NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”) announces that it has updated the terms of its flow-through (“FT”) private placement (please refer news release December 12, 2023).
The FT private placement will now consist of the sale of up to 7,500,000 FT Units at $0.20 each, for gross proceeds of up to $1,500,000. Each FT Unit will be comprised of one common share, issued on a flow-through basis (“FT Share”) and one-half Common Share purchase warrant, issued on a non-flowthrough basis (“Warrant"). Each full 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 $0.23 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), and will be targeting critical minerals for eligibility under the Critical Mineral Exploration Tax Credit (the "CMETC") program. The CMETC program is a new incentive that provides investors in companies exploring for certain critical minerals with a 30% tax credit based on the amount invested.
In consideration for their services in introducing subscribers to the Company under the FT 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 $0.23 for a period of 24 months.
No Related Parties intend to participate in and no new control persons will be created by the FT private placement.
The Company will use the net proceeds of the FT private placement to carry out recommended exploration programs and up to 4,000 metres of drilling on its four properties in New Brunswick, Canada. This work will be eligible as "Canadian Exploration Expenses" that qualify as "flow-through mining expenditures" as both terms are defined in the Income Tax Act (Canada).
All securities issued in the FT private placement will be subject to a four-month and a day hold period. Completion of the FT private placement and Canada Revenue Agency (“CRA”) renunciation is subject to the receipt of all necessary regulatory approvals, including the TSX Venture Exchange and the CRA.
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, 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.
Social Media
| X | @NineMileMetals |
| Nine Mile Metals | |
| @ Nine Mile Metals | |
| Nine Mile Metals | |
| YouTube | @ninemilemetals |
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 that (a) the Company will close the FT private placement for proceeds of $1,500,000; (b) No Related Parties intend to participate in and no new control persons will be created by the FT private placement, and (c) 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.
