- Nine Mile Metals (NINE) has completed a non-brokered private placement for gross proceeds of $1,682,153
- The company issued a total of 8,858,625 flow-through and non-flow-through units
- Proceeds will be used for exploration costs and general working capital
- Nine Mile Metals Ltd. is a Canadian mineral exploration company focused on Volcanogenic massive sulfide (VMS) (Cu, Pb, Zn, Ag and Au) exploration
- Nine Mile Metals Ltd. (NINE) opened trading at C$0.25
Nine Mile Metals (NINE) has completed a non-brokered private placement for gross proceeds of $1,682,153.
The company issued a total of 8,858,625 flow-through and non-flow-through units. Each flow-through unit consists of one common share and one-half of one common share purchase warrant. Each whole flow-through unit can be exercised to purchase one common share for $0.38 for 24 months. Each non-flow-through unit consists of one common share and one common share purchase warrant. Each non-flow-through warrant can be exercised to purchase one common share for $0.28 for 24 months.
Charles MaLette, CEO and President, commented on the successful capital raise.
“This private placement has brought several motivated new investors into Nine Mile as the company prepares to take our high-grade Nine Mile Brook VMS Project to a new level over the next few months.”
The proceeds from the sale of the flow-through units will be used for exploration costs, including drilling, splitting core samples, assays, and surveys. The proceeds of the non-flow-through units will be used for additional exploration costs, evaluating potential other properties contiguous or nearby for acquisition and general working capital.
Nine Mile Metals Ltd. is a Canadian mineral exploration company focused on Volcanogenic massive sulphide (VMS) (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp New Brunswick.
Its primary business objective is to explore its three VMS Projects: Nine Mile Brook VMS Project, California Lake VMS Project, and Canoe Landing Lake VMS Project.
Nine Mile Metals Ltd. (NINE) opened trading at C$0.25.