NINE MILE METALS LTD. (CSE: NINE) (OTCQB: VMSXF) (FSE: KQ9) announces completion of the second tranche of a private placement of approximately $1,200,000. The Company issued 1,875,000 flow-through units at a price of $0.32 per Unit, for proceeds of $600,000. Total proceeds of the offering are now $771,000.
Each Unit consists of one flow-through common share of the Company and one-half of one common share purchase warrant, with each Warrant entitling the holder thereof to purchase one common share at a price of $0.45 for a period of 24 months.
In consideration for their services in introducing subscribers to the Company under the Private Placement, finders received 112,500 common share purchase warrants, exercisable to purchase one common share at a price of $0.45 for a period of 24 months and cash of $36,000.
The proceeds raised through the private placements will be used for exploration on the Company’s mineral properties. All securities issued in the Private Placement are subject to a four month and a day hold period.
About Nine Mile Metals Ltd.:
Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on 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 three VMS Projects: Nine Mile Brook VMS Project; California Lake VMS Project; and the Canoe Landing Lake (East – West) VMS Project. The Company is focused on exploration of Minerals for Technology (MFT), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold.
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