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Nicola Mining Closes Flow-through Financing

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Nicola Mining Closes Flow-through Financing






Nicola Mining Inc. (TSX-V: NIM) is pleased to announce that, further to its News Release of December 19, 2018, that it has closed its flow-through private placement financing. The Company announced that it had increased the number of units from 6,000,000 units of the Company at $0.125 per Unit for gross proceeds of up to $750,000 to 10,040,000 Units for gross proceeds of $1,255,000.


Each Unit consists of one common share of the Company issued on a “flow-through” basis pursuant to the Income Tax Act (Canada) and one-half of one common share purchase warrant, with each Warrant entitling the holder to purchase one Share (on a non-flow-through basis) at a price of $0.15 per Share for a period of two years following the closing of the Offering.


The Company paid cash finder’s fees of $81,900 and issued 655,200 share purchase warrants to five finders in connection with certain subscriptions in the Flow-Through Financing. The Finder’s Warrants have the same terms as the Warrants.


All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering. Completion of the Offering is subject to the approval of the Exchange. Any participation by insiders in the Offering will constitute a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.


The aggregate gross proceeds from the sale of the Offering will be used for further exploration and development of a copper resource on the Company’s wholly-owned New Craigmont Property, which covers an area of 10,084 hectares along the southern end of the Guichon Batholith and is adjacent to Teck Resources Ltd.’s Highland Valley Copper, Canada’s largest copper mine. The New Craigmont Property is the site of the historic Craigmont Mine, North America’s highest-grade copper mine, and continues to have an active mine permit. The Company plans to work towards a resource and mine plan for the project.


None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.


Posted December 28, 2018

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