Nicola Mining closes $4.96-million private placement

Executive Summary

• Nicola Mining Inc. completed a non‑brokered private placement of 5,512,001 units at C$0.90 per unit, raising gross proceeds of approximately C$4.96 million (oversold by C$60,800).
• Each unit consists of one common share and one transferable warrant to purchase an additional share at C$1.10 for three years, with acceleration provisions if the TSX‑V price reaches C$1.70 for 10 consecutive trading days.
• Proceeds are earmarked for expanding and upgrading the Merritt mill (target capacity ~500 t/d), adding secondary milling equipment, flotation cells, pump infrastructure, and spare crusher parts.

Key Details

• Units Issued: 5,512,001 units
• Price per Unit: C$0.90
• Gross Proceeds: C$4,960,800 (oversold by C$60,800)
• Unit Composition: 1 common share + 1 transferable warrant (exercise price C$1.10, three‑year term; acceleration if TSX‑V price ≥ C$1.70 for 10 days).
• Statutory Holding Period: Four months and one day post‑closing for all securities issued.
• Related Party Transaction: Corporate Secretary William Cawker subscribed for 50,000 units; exempt from MI 61‑101 valuation and minority approval requirements.
• Use of Proceeds:
• Expansion of Merritt mill capacity to ~500 t/d.
• Installation of a secondary ball mill and additional cleaner flotation cells.
• Procurement of pumping infrastructure and spare crusher bowl/mantle assemblies.
• Potential refurbishment/re‑commissioning of existing plant equipment.

Notable Quotes

No direct quotes were provided in the release.