Nicola investor Concept Capital owns 43.4M shares

Executive Summary

• Nicola Mining Inc. converted $3.9 million of convertible debentures and $312 k of accrued interest into a total of 23,326,362 common shares at conversion prices of $0.17 and $0.81 per share respectively.
• The conversion increased Concept Capital Management’s stake to 20.96 % of Nicola Mining’s issued and outstanding common shares, making it a control‑block holder.
• An early warning report will be filed on SEDAR+ in accordance with NI 62‑103 to disclose the change in beneficial ownership.

Key Details

• Convertible debentures maturing 21 Nov 2025 (principal $3.9 M) were converted into 22,941,177 common shares at $0.17 per share.
• Accrued interest of $312,000 was converted into 385,185 common shares at $0.81 per share.
• Total shares issued on conversion: 23,326,362 (effective 17 Sept 2025).
• Prior to conversion, Concept Capital Management owned 20,082,536 shares (10.93 % of Nicola’s outstanding share capital).
• Post‑conversion, Concept holds 43,408,898 common shares (20.96 %), qualifying as a control‑block holder under NI 62‑103.
• The conversion was executed at an interest rate of 10 % per annum, with the original debentures due 21 Nov 2025.
• Nicola Mining will file an early warning report on SEDAR+ to disclose the change in ownership as required by National Instrument 62‑103.

Notable Quotes

(No executive quotes were provided in the release.)