Nine Mile Metals: A Strategic Financing Revamp for Groundbreaking Mineral Exploration?
Nine Mile Metals’ Unveils Restructured Convertible Loan Financing for Ambitious Mineral Exploration
VANCOUVER, B. C. - In a recent disclosure on Monday, December 4, 2023, Nine Mile Metals Ltd. (CSE: NINE) – also known as Nine Mile – reveals significant amendments to its proposed unsecured convertible loan financing initially outlined in the Company’s preceding news releases on November 21 and 27, 2023.
Revised Financing Terms
The updated Convertible Loan, set with a 12-month term from the closing date and carrying a 15% annual interest rate payable at maturity, remains pivotal for financing the Nine Mile Brook project’s bulk sample program and sustaining general operational requirements. Notably, the loans retain their convertibility post-Maturity Date at a fixed rate of $0. 10 per Unit.
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Each Unit encompasses one common share and one common share purchase warrant (Warrant), with each Warrant exercisable at $0. 10 per share over a 24-month period.
Strategic Modifications
Nine Mile makes strategic adjustments to the financing, capping proceeds at $250,000 and providing lenders the discretion to decide whether to convert the amount owed into Units on the Maturity Date. This maneuver ensures flexibility for each lender, amplifying their involvement in the financing process.
Finders and Terms Acceptance
In line with the earlier announcement, those facilitating the introduction of subscribers to the Convertible Loan will receive an 8% cash commission along with 8% common share purchase warrants. These warrants will enable the purchase of one common share at a price of $0. 10 for a span of 24 months. It is pertinent to note that the terms of the Convertible Loan are contingent upon approval by the CSE.
Nine Mile Metals Ltd. : A Critical Minerals Pioneer
Nine Mile Metals Ltd. emerges as a prominent Canadian public mineral exploration enterprise dedicated to the exploration of Critical Minerals, particularly focusing on VMS (Volcanogenic Massive Sulfide) exploration within the renowned Bathurst Mining Camp, New Brunswick, Canada. The Company’s core mission revolves around the exploration of its four principal VMS Projects: Nine Mile Brook VMS, California Lake VMS, Canoe Landing Lake (East–West) VMS, and the newly initiated Wedge VMS Projects. Anchored in the Critical Minerals Exploration (CME) domain, Nine Mile strategically positions itself to tap into the burgeoning demand for Copper, Silver, Lead, and Zinc essential for Electric Vehicle (EV) and green technology, while also incorporating Gold as a protective hedge.
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