Nine Mile Metals (CSE:NINE) has raised C$1 million ($1.02 million) upon the closing of its non-brokered private placement to fund exploration at its critical mineral projects in the Bathurst Mining Camp in Canada.
The company issued 7.14 million units at C$0.14 each, with each unit comprising one share and one purchase warrant.
Each purchase warrant is exercisable into one share at C$0.30 over a two-year period. If Nine Mile’s trading price exceeds C$0.50 for 10 consecutive trading days, the company is eligible to accelerate the expiry date of warrants with no less than 30 days’ notice.
As reported by Mining.com.au last week, funds will be used to cover exploration expenses across the company’s New Brunswick projects, including the Nine Mile Brook Project, the California Lake Project, the Canoe Landing Lake Project, and the Wedge Project.
Nine Mile Metals is a Canadian mineral explorer focused on copper, lead, zinc, silver, and gold discoveries in the Bathurst Mining Camp.
Write to Maddison Elliott at Mining.com.au
Images: Nine Mile Metals
