Vancouver, B.C. March 1, 2024 – NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”) announces that it has completed a private placement financing for cash proceeds of $175,238 and debt forgiveness of $20,000 (the “Private Placement”). The Company issued 3,253,968 units at a price of $0.06 each. Each unit consists of one common share and one common share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.10 per Common Share for a period of 24 months from the date of issuance.
The common shares and Warrants issued in the Private Placement are subject to a four month and a day hold period. A commission of $2,400 and 40,000 Warrants were paid by the Company to a Finder in connection with a portion of the Private Placement.
The $20,000 debt conversion was arranged by the Company with Slam Exploration in lieu of the first anniversary payment owed by the Company to maintain its option on its Wedge Project property in New Brunswick. The Company intends to use the proceeds of the Private Placement for operating expenses, including legal and audit fees and general working capital.
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.
ON BEHALF OF NINE MILE METALS LTD.
Charles MaLette
President and Director
T: 1-604-428-5171
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 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.