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VANCOUVER, British Columbia, December 12, 2023 (GLOBE NEWSWIRE) — NINE MILE METALS LTD. (CSE: NEW, OTCQB: VMSXF, FSE: KQ9) (THE « Business » Or « Nine thousand« ) announces the terms of a new flow-through private placement (« FT »).
The FT private placement will consist of the sale of up to 2,500,000 FT units at $0.20 each, for gross proceeds of up to $500,000. Each FT unit will be composed of one ordinary share, issued on a flow-through basis (“FT share”) and one-half ordinary share subscription warrant, issued on a non-flow-through basis (“warrant”). Each full warrant will entitle its holder 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 the date resignation. The FT Shares are intended to be considered “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada).
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In consideration of their introductory services to the Company’s subscribers in the FT Private Placement, investors may receive a commission of 8% in cash and 8% in common stock warrants, exercisable to purchase one common share at a price of $0.23 for a period of 24 months. .
No related party intends to participate in the FT private placement and no new control person will be created.
The Company intends to use the net proceeds from the FT private placement to complete current and planned drilling programs on its California Lake and Wedge properties respectively. This work will be eligible as “Exploration Expenditures in Canada” which are considered “flow-through mining expenditures” since both terms are defined in the Income Tax Act (Canada).
All securities issued as part of the FT private placement will be subject to a hold period of four months and one day.
About Nine Mile Metals Ltd. :
Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on the exploration of critical minerals (CME) VMS (Cu, Pb, Zn, Ag and Au) in the famous Bathurst mining camp, New Brunswick, Canada. The Company’s primary business objective is to explore its four VMS projects: Nine Mile Brook VMS; Lake California VMS; Canoe Landing Lake (East-West) VMS and our new Wedge VMS projects. The company focuses on critical mineral exploration (CME), positioning itself for the boom in electric vehicles and green technologies requiring copper, silver, lead and zinc with a hedge with gold.
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ON BEHALF OF NINE MILE METALS LTD.
“Charles MaLette”
President and Director
Such. : (604) 428-5171
E : info@ninemilemetals.com
Forward-looking information:
This press release may contain forward-looking information within the meaning of Canadian securities legislation regarding the activities of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by Nine Mile’s management. In some cases, you can identify forward-looking statements by words such as « will », « may », « would », « expects », « intends », « plans » , “seeks”, “anticipates”, “believes”, “estimates”, “predicts”, “potential”, “continue”, “likely”, “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements contained in this press release include that (a) the Company will close the private placement of FT for proceeds of $500,000; (b) No Related Party intends to participate in the FT Private Placement and no new Control Person will be created, 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 it will prove to be accurate.
The Canadian Securities Exchange (CSE) has not reviewed and accepts no responsibility for the adequacy or accuracy of the contents of this release.
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