Nine Mile Metals Closes Fully Subscribed Private Placement and Debt Conversion

Core Points - Nine Mile Metals Ltd. has completed the second tranche of a private placement, issuing 6,309,699 units at a price of $0.021 per unit, raising total proceeds of $132.503 million [1] - The total combined value of the original offering and debt conversion in the first tranche amounts to $388.653 million [1] - All current directors participated in the second tranche, purchasing 1,217,857 units for $25.575 million [3] Financial Details - The proceeds from the private placements will be allocated for general and administrative obligations [4] - Each unit consists of one common share and one common share purchase warrant, with the warrant allowing the purchase of one common share at $0.05 for a period of 60 months [2] Company Overview - Nine Mile Metals Ltd. is focused on Critical Minerals Exploration (CME) in the Bathurst Mining Camp, New Brunswick, Canada, targeting minerals such as Copper, Silver, Lead, and Zinc [6] - The company aims to position itself for the growing demand in electric vehicle and green technologies [6] Regulatory Compliance - The technical information disclosed in the news release complies with Canadian regulatory requirements as per National Instrument 43-101 [7] - The issuance of common shares will not create a new insider or control person [5]