Nicola Mining increases financing to $4.9-million

Executive Summary

• Nicola Mining Inc. upsized its non‑brokered private placement to a total of $4.9 million, issuing 5,444,444 units at C$0.90 per unit.
• Each unit includes one common share and one transferable warrant exercisable at $1.10 per share for three years (with acceleration provisions).
• Gross proceeds will fund expansion of milling capacity to ~500 t/d, addition of a secondary ball mill, extra flotation cells, pumping infrastructure, and related plant refurbishment/maintenance.

Key Details

• Units Offered: 5,444,444 units @ C$0.90 per unit → up to C$4.9 million gross proceeds.
• Unit Composition: 1 common share + 1 transferable common share purchase warrant.
• Warrant Terms: Exercise price $1.10 per share; exercisable for three years post‑closing; acceleration if TSX‑V price ≥ C$1.70 for 10 consecutive trading days, with notice as per warrant terms.
• Statutory Holding Period: Securities subject to a four‑month‑plus‑one‑day holding period after closing.
• Regulatory Conditions: Completion pending exchange approval; insider participation treated as related‑party transaction under MI 61‑101 but expected to be exempt from formal valuation/minority approval requirements.
• Use of Proceeds:
• Purchase and installation of milling equipment to expand processing capacity to ~500 t/d.
• Addition of a secondary ball mill and supplementary cleaner flotation cells.
• Associated pumping infrastructure upgrades.
• Refurbishment/re‑commissioning of existing plant and machinery.
• Procurement of spare bowl and mantle assemblies for crusher maintenance.
• Qualified Person: Cameron Lilly, P.Eng., Mill Manager – reviewed and approved technical information per NI 43‑101.

Notable Quotes

(No direct quotes provided in the release.)