Nine Mile Metals Announces Loan Financing

VANCOUVER, British Columbia, Nov. 21, 2023 (GLOBE NEWSWIRE) — NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”), announces its intention to complete an unsecured loan financing for proceeds of up to $500,000 (the “Loan”) for accredited investors.

The Loan will have a term of 12 months from the closing (the “Maturity Date”), and bear interest at 12 per cent per annum, calculated and payable on the Maturity Date. In consideration for the Loan, the Company has agreed to issue a 20% bonus in common shares of the Company (the “Bonus Shares”). The calculation of the Bonus Shares will be 20% of the principal amount of the Loan divided by $0.11 per share. The Bonus Shares will be subject to a four month and a day hold period. Loan proceeds will be used for advancing the bulk study program on Nine Mile Brook project and general working capital.

Related parties may participate as lenders for up to approximately 25%. No new control parties will be created in connection with the bonus shares or agent’s warrants.

In consideration for their services in introducing subscribers to the Company under the Loan, finders may receive commission of 8% cash and 8% agent’s warrants, exercisable to purchase one common share at a price of $0.14 for a period of 24 months. The terms of the Loan are subject to acceptance by the CSE.

About Nine Mile Metals Ltd.:

Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on Critical Minerals Exploration (CME) VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company’s primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS; California Lake VMS; Canoe Landing Lake (East–West) VMS and our new Wedge VMS Projects. The Company is focused on Critical Minerals Exploration (CME), positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold.

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ON BEHALF OF NINE MILE METALS LTD.

“Charles MaLette”
President and Director
T: (604) 428-5171  
E: [email protected]

Forward-Looking Information:

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as “will,” “may,” “would,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “could” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that (a) the Loan will have a term of 12 months from the closing, (b) the calculation of the Bonus Shares will be 20% of the principal amount of the Loan, (c) the Bonus Shares will be subject to a four month and a day hold period, (d) Loan proceeds will be used for advancing the bulk study program on Nine Mile Brook project and general working capital, (e) no new control parties will be created in connection with the bonus shares or agent’s warrants, (f) related parties may participate as lenders for up to approximately 25%, and (g) finders may receive commission of 8% cash and 8% agent’s warrants. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct.

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.        


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