Nine Mile Metals raises $400,000 in oversubscribed private placement

Nine Mile Metals Ltd. (CSE: NINE) (OTCQB: VMSXF) (FSE: KQ9) completed an oversubscribed flow-through private placement, raising $400,000 compared to the originally announced $250,000 target.

The company issued 20 million units at $0.02 per unit. Each unit includes one common share and one warrant allowing the purchase of an additional share at $0.05 within 36 months.

Three company directors participated in the placement, purchasing 2.25 million units for $45,000. The company relied on exemptions under securities regulations for this insider participation.

Nine Mile paid $8,000 in commissions and issued 400,000 compensation warrants to facilitate the offering. These warrants carry the same $0.05 exercise price and 36-month term as the unit warrants.

The funds will support exploration activities at the company's critical minerals projects in New Brunswick's Bathurst Mining Camp. Chief Executive Officer Patrick Cruickshank said the company is organizing mobilization for a drill program at the Wedge Critical Mineral Project.

The common shares and warrants are subject to a four-month-and-one-day hold period under Canadian securities laws. The issuance will not create new insider or control person positions.

Nine Mile Metals focuses on critical minerals exploration in the Bathurst Mining Camp, targeting copper, lead, zinc, silver and gold through four projects: Nine Mile Brook, California Lake, Canoe Landing Lake and Wedge.

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