Nine Mile Metals Closes Oversubscribed Flow Through Private Placement

Executive Summary

• Nine Mile Metals closed an oversubscribed non‑brokered flow‑through private placement, issuing 20 million units at $0.02 each for total gross proceeds of $400,000 (up from the originally announced $250,000).
• Each unit includes one common share and one common‑share purchase warrant (exercise price $0.05, 36‑month term); the company also issued 400 k compensation warrants on the same terms.
• Proceeds are earmarked for exploration activities on Nine Mile’s Bathurst Mining Camp critical‑minerals projects, with the CEO confirming mobilization of a previously announced drill program at the Wedge project.

Key Details

• Units Issued: 20,000,000 units @ $0.02 per unit → $400,000 gross proceeds.
• Unit Composition: 1 common share + 1 common‑share purchase warrant (exercise price $0.05, exercisable for 36 months).
• Compensation Warrants: 400,000 warrants issued to cover commission expenses; same exercise terms as unit warrants.
• Commission Paid: $8,000 to placement agents.
• Insider Participation: Three directors purchased 2,250,000 units for $45,000; transaction relied on MI 61‑101 exemptions.
• Use of Proceeds: Funding exploration and related expenses on Nine Mile’s New Brunswick critical‑minerals projects (Bathurst Mining Camp).
• Hold Period: Issued common shares (and any subsequently issued upon warrant exercise) subject to a hold period of 4 months + 1 day under Canadian securities law.
• CEO Quote: “We are pleased to have closed this funding, including a strategic investor, and we are organizing the mobilization of our previously announced Drill Program at the Wedge Critical Mineral Project.” – Patrick J. Cruickshank, CEO & Director

Notable Quotes

“We are pleased to have closed this funding, including a strategic investor, and we are organizing the mobilization of our previously announced Drill Program at the Wedge Critical Mineral Project.” – Patrick J. Cruickshank, CEO & Director