Nine Mile Metals (CSE:NINE) is conducting a non-brokered private placement to raise up to C$1 million ($1.02 million) for exploration activities at the company’s critical minerals projects located in the Bathurst Mining Camp in New Brunswick, Canada.
The company will issue up to 7.14 million shares at C$0.14 each, with each unit comprising one share and one purchase warrant.
Each warrant held is exercisable into one share at a price of C$0.30 each for a two-year period.
If Nine Mile’s shares trade above C$0.50 for 10 consecutive trading days, the company may accelerate the expiry date of warrants with 30 days’ notice.
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
