Nine Mile Metals (CSE:NINE) has closed its private placement, raising C$4.63 million, to fund exploration at the Bathurst Mining Camp in New Brunswick, Canada.
The company will issue 24.37 million units at a price of C$0.19 per unit. Each unit comprises one share and one purchase warrant, with warrants exercisable at C$0.30 for a period of two years.
Warrants may have an accelerated expiry date if the trading price of shares equals or exceeds C$0.50 for 10 consecutive trading days.
CEO Patrick Cruickshank says the company is pleased by the significant investor demand which has streamlined an oversubscribed placement.
“This support enables us to accelerate our growth initiatives while maintaining a disciplined approach to capital allocation,” Cruickshank says.
“In addition to the offering, the company has received over C$1 million from the exercise of warrants during the past few weeks.
“We are positioned strongly for the next 24 months and the new capital will enable us to execute an extensive exploration program for the next 2 years.”
Nine Mile Metals is a diversified mineral explorer focused on discoveries in the Bathurst Mining Camp district in New Brunswick, Canada.
Write to Maddison Elliott at Mining.com.au
Images: Nine Mile Metals
