01:28 PM EDT, 04/08/2024 (MT Newswires) -- Nine Mile Metals ( VMSXF ) on Monday shared details of an offering of flow-through and non-flow-through private placement.

The FT private placement will comprise nearly 4.5 million FT units at $0.11 apiece for gross proceeds of up to C$500,000. Each FT unit will be comprised of tax-advantaged share and one half of warrant issued on a non-flow through basis.

Each full FT warrant will allow the holder to buy one share at $0.13 for 24 months from the date of issuance.

The NFT private placement will comprise about 1.3 million units priced at C$0.075 each for gross proceeds of up to C$100,000. Each NFT unit will be comprised a share and one-half common of a two-year warrant to buy a second share for C$0.11.

The company plans to use the net proceeds of the FT private placement to carry out the current and intended work programs on its Wedge and California Lake properties, respectively. The company plans to use the net proceeds of the NFT private placement for general working capital.

The company's shares fell 5.3% on last look on Monday in Canada.