Nine Mile Metals Closes First Tranche of Private Placement Financing

Core Points - Nine Mile Metals Ltd. has completed a first tranche private placement financing, raising cash proceeds of $25,000 and converting bona fide debt of$231,150 [1] - The company issued a total of 12,197,619 units at a price of $0.021 each, with each unit consisting of one common share and one common share purchase warrant [1] - Each warrant allows the holder to purchase one common share at a price of$0.05 for a period of 5 years from issuance [1] Financial Details - The common shares and warrants issued are subject to a hold period of four months and a day, with no commissions paid [2] - A director and officer of the company purchased 1,190,476 units for $25,000 in cash and 1,369,048 units for$28,750 in debt conversion [3] - The cash proceeds from the private placement will be used for general working capital, with 11,007,143 units allocated for the settlement of convertible loans due on December 14, 2024, totaling $231,150 including principal and accrued interest [4] Company Overview - Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on Critical Minerals VMS (Cu, Pb, Zn, Ag, and Au) exploration in the Bathurst Mining Camp, New Brunswick [5] - The company's primary business objective is to explore four VMS projects: Nine Mile Brook, California Lake, Canoe Landing Lake, and Wedge VMS projects [5] - The company is positioning itself for the growth in electric vehicle and green technologies that require copper, silver, lead, and zinc, while also having a hedge on gold [5]