Nine Mile Metals Announces Closing of LIFE Offering

Executive Summary

• Nine Mile Metals closed its previously announced private placement, raising $4,631,250 from the issuance of 24,374,997 units at $0.19 per unit.
• Each unit consists of one common share and one warrant (exercisable at $0.30 for two years), with acceleration provisions tied to a sustained CSE price ≥ $0.50.
• Proceeds are earmarked for exploration activities in the Bathurst Mining Camp and for general and administrative expenses, positioning the company for growth over the next 24 months.

Key Details

• Gross proceeds: $4,631,250.
• Units issued: 24,374,997 (each = 1 common share + 1 warrant).
• Unit price: $0.19.
• Warrant terms: Exercise price $0.30; term two years; may be accelerated if CSE price ≥ $0.50 for ten consecutive trading days (30‑day notice required).
• Finder’s compensation: $279,667.52 paid in cash and issuance of 1,471,934 finder’s warrants (each exercisable for one unit at $0.19, two‑year term, subject to a four‑month statutory hold period).
• Use of proceeds:
• Exploration activities and related expenses on critical minerals projects in the Bathurst Mining Camp.
• General and administrative obligations.
• Additional capital received: Over $1 million from recent warrant exercises (as noted by CEO).
• Regulatory compliance: Units issued to Canadian purchasers under NI 45‑106 listed issuer financing exemption; shares and warrants freely tradeable in Canada.

Notable Quotes

“We are encouraged by the significant investor interest in this financing, which resulted in the offering being oversubscribed… The new capital will enable us to execute an extensive exploration program for the next 2 years.” – Patrick J. Cruickshank, CEO & Director.