VANCOUVER, British Columbia, Dec. 12, 2023 (GLOBE NEWSWIRE) -- NINE MILE METALS LTD. (CSE: NINE, OTCQB: VMSXF, FSE: KQ9) (the “Company” or “Nine Mile”) announces the terms of a new flow-through (“FT”) private placement.

The FT private placement will consist of the sale of up to 2,500,000 FT Units at $0.20 each, for gross proceeds of up to $500,000. Each FT Unit will be comprised of one common share, issued on a flow-through basis (“FT Share”) and one-half Common Share purchase warrant, issued on a non-flowthrough basis (“Warrant"). Each full Warrant will entitle the holder thereof to acquire one common share in the capital of the company (each, a "Common Share") at a price of $0.23 per Common Share for a period of 24 months from date of issuance. The FT Shares are intended to qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada).

In consideration for their services in introducing subscribers to the Company under the FT Private Placement, finders may receive commission of 8% cash and 8% common share purchase warrants, exercisable to purchase one common share at a price of $0.23 for a period of 24 months.

No Related Parties intend to participate in and no new control persons will be created by the FT private placement.

The Company intends to use the net proceeds of the FT private placement to carry out the current and intended drilling programs on its California Lake and Wedge properties respectively. This work will be eligible as "Canadian Exploration Expenses" that qualify as "flow-through mining expenditures" as both terms are defined in the Income Tax Act (Canada).

All securities issued in the FT private placement will be subject to a four-month and a day hold period.

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: info@ninemilemetals.com